Overview:

Since our last analysis, Gold has been trading sideways, around the price of 1,310.00 on average volume, we are still waiting for a larger movement. According to the daily chart, we can observe weak demand on volume above the average, which is a good sign for the further downward movement. According to the daily chart, we can also observe high churn bar at the price of 1,309.00, which may represent taking profit level for institutions. Gold is in progress of bearish corrective phase and I've placed Fibonacci Retracement to find the first down station. I got major Fibonacci Retracement 38.2% at the price of 1,312.00 (already met) and Fibonacci Retracement 61.8% at the price of 1,263.00. We can also observe previous swing high zone at the price of 1,279.00, which may be a good support zone for Gold. Next down stations on short-term prospective are the levels 1,279.00-1,263.00. Be careful with short-term buying and watch for selling opportunities after retracements.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,315.97

R2: 1,318.73

R3: 1,323.20

Support levels:

S1: 1,307.03

S2: 1,304.27

S3: 1,299.80

Trading recommendation: Trading the metal, be careful with buying at this stage since Gold is in progress of bearish corrective phase. Watch for selling opportunities after retracement.