FX.co ★ Gold analysis for August 31, 2016

Since our previous analysis, Gold has been trading sideways at the price of $1,314.00. According to the 1H time frame, I found upward correction in progress but be careful since I expect further downward continuation. The short-term trend on Gold is downward and my advice is to watch for selling opportunities. Today, I found down fractal at the price of $1,311.88. A pending order (sell stop) at the price of $1,311.78 would be a good idea at this point. The first take profit level is set at the price of $1,309.00 - $1,305.50.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,319.30

R2: 1,322.64

R3: 1,328.15

Support levels:

S1: 1,308.50

S2: 1,305.00

S3: 1,299.85

Trading recommendations for today: Watch for selling opportunities.