Since our last analysis, Gold has been trading downwards movement,as like we expected, the price tested the level of 1,352.22 on volume above the average. We are still, likely, to see testing of the weekly FE level of 161.8% at the price of 1,151.00. I saw weak demand bar on low volume, according to the daily chart, which is the sign that we may see down trend continuation. The current situation in (4H) is that we got decreasing in volume on previous upward move and also i placed Fibonacci Expansion level to find potential end of corrective up phase and i got FE 61.8 % at price 1,376.00 and FE 100 % at price 1,440.00 like potential levels where we may see  end of up corrective phase. Since we are in the short-term downtrend in the daily chart, buying Gold looks very risky and I advise you to watch for selling opportunities.

Daily pivot Fibonacci points:

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Resistance levels:

R1:  1,379.40

R2: 1,384.54

R3:  1,392.87

Support levels:

S1: 1,362.74

S2: 1,357.60  

S3: 1,349.27  

Trading recommendation: Operating with the metal, be careful with short-term buying and look for selling opportunities. My recommendation for a downward short-term target is at 1,151.00. 

The material has been provided by InstaForex Company – www.instaforex.com

Disclaimer: Please note all prices are for information only, they should not be relied upon for accuracy or trading. All prices quotes are based on CFD prices and are similar though not always identical to real exchange prices.

STOCKTRKR or anybody connected with STOCKTRKR will not accept any liability for loss or damage arising from use of any information/commentary/charts or articles which is provided 'as is' for educational purposes only, nothing contained on this website should be considered as investment advice - please seek proper investment advice if you wish to trade on global markets and ensure you are familiar with the risks.

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