FX.co ★ Gold analysis for August 12, 2016

Since our previous analysis, gold has been trading downwards. The price tested the level of $1,334.64. According to the 30M time frame, I found that strength came in at the bottom. There is a hidden test of supply in a low volume. Anyway, key resistance level today is set at the price of $1,341.08. If the price breaks this level and create a successful test, I expect potential testing of $1.351.08.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,348.50

R2: 1,352.00

R3: 1,358.10

Support levels:

S1: 1,336.00

S2: 1,332.20

S3: 1,327.00

Trading recommendations for today: Selling looks very risky. Watch for buying opportunities.