FX.co ★ Gold analysis for August 15 , 2016

Since our previous analysis, gold has been trading downwards. The price tested the level of $1,333.19. According to the 30M time frame, I found that strength came in at the bottom. There is a test of supply in a low volume, which is a sign that selling Gold at this stage looks risky. The price is trading above 21SMA. Be careful when selling and watch for buying opportunities. The first upward station is set at the price of $1,355.00.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,344.90

R2: 1,345.60

R3: 1,346.70

Support levels:

S1: 1,342.60

S2: 1,341.90

S3: 1,340.80

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