Overview:
Since our last analysis, gold has been trading upwards, as we expected, the price tested the level of 1,306.28 on volume below the average according to the 4H timeframe. As we already posted in the previous analysis, we got submajor Fibonacci retracement 61.8% at the price of 1,307.00 (currently on the test). Gold is in progress of bullish corrective phase and I've placed Fibonacci retracement to find potential end of bullish corrective phase. I got major Fibonacci retracement 38.2% at the price of 1,315.00 and Fibonacci retracement 61.8% at the price of 1,344.00. If the price breaks the level of 1,307.00 on higher volume, we may see testing the level of 1,315.00. My advice is to watch for selling opportunities after bullish corrective phase.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1,305.21
R2: 1,305.89
R3: 1,307.00
Support levels:
S1: 1,302.99
S2: 1,302.31
S3: 1,301.20
Trading recommendation: Trading the metal, be careful with short-term buying at this stage since gold is in progress of major bearish corrective phase. Watch for selling opportunities after near term bullish corrective phase.
