Overview:

Since our last analysis, gold has been trading upwards, the price tested the level of 1,323.65 on high volume. Our previous analysis is still active and we've got good progress. According to the daily chart, we can observe demand bar on average volume, which is a sign that we may see more upward movements before any larger supply. Our Fibonacci retracement 38.2% at the price of 1,321.00 is now on the test, so be careful with buying Gold at this stage. If the price breaks the level of 1,321.00 on high volume, we may see possible testing the level of 1,348.00 (Fibonacci retracement 61.8%). According to the short-term prospective, Gold is in progress of bearish corrective phase and I've placed Fibonacci Retracement to find the first down station. I've got Fibonacci Retracement 61.8% at the price of 1,263.00. If the price breaks the level of 1,279.00 on higher volume, we may see testing the level of 1,263.00. My advice is to watch for selling opportunities after retracement. Any larger supply on high volume may confirm further bearish movement.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,314.75

R2: 1,318.11

R3: 1,323.53

Support levels:

S1: 1,303.91

S2: 1,300.55

S3: 1,295.13

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 retracement.