FX.co ★ Gold analysis for August 22, 2016

Since our previous analysis, gold has been trading downwards. The price tested the level of $1,331.56 in a high volume. According to the 30M time frame, I found that Gold is in a strong downward bias. I found a resistance cluster at the price of $1,337.45. The price respected this resistance and created up-thrust, which is a sign that buying looks risky. My advice is to watch for selling opportunities on the pullbacks. Point of control for today is set at the price of $1,333.50. Major support today is set at the price of $1,331.80.

Hourly Fibonacci pivot points:

Resistance levels:

R1: 1,340.90

R2: 1,341.60

R3: 1,342.00

Support levels:

S1: 1,338.50

S2: 1,337.70

S3: 1,336.50

Trading recommendations for today: Buying looks risky, watch for selling opportunities.