FX.co ★ Gold analysis for August 30, 2016

Since our previous analysis, Gold has been trading sideways at the price of $1,319.00. According to the 4H time frame, I found weak demand near the level of $1,324.90, which is a sign that buying looks risky. Watch for potential selling opportunities on the pullbacks. According to the 30m time frame, I found a broken bearish flag. Major support and take profit level are set at the price of $1,310.70. Anyway, if the price breaks the level of $1,310.70 in a high volume, the price may visit level of $1,305.40.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,323.35

R2: 1,325.30

R3: 1,328.40

Support levels:

S1: 1,317.25

S2: 1,315.55

S3: 1,312.20

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