FX.co ★ Gold analysis for August 29, 2016

Since our previous analysis, Gold has been trading sideways at the price of $1,319.00. After Yellen's speech on Friday, I found massive reaction from our cluster and strong pin bar in a high volume, which is sign that sellers came in into the market. Be careful when buying and watch for selling opportunities. Take profit level is set at the price of $1,310.70.

Hourly Fibonacci pivot points:

Resistance levels:

R1: 1,324.30

R2: 1,325.00

R3: 1,326.00

Support levels:

S1: 1,322.20

S2: 1,321.55

S3: 1,320.50

Trading recommendations for today: Watch for selling opportunities on the pullbacks.