FX.co ★ Gold analysis for September 02, 2016

Since our previous analysis, Gold has been trading sideways at the price of $1,312.00. Investors are awaiting the US non-narm employment change report to establish positions. Anyway, according to the 4H time frame, I found a down fractal at the price of $1,302.20. Placing pending order (sell stop) at the price of $1,302.00 with stop loss at $1,318.00 and potential target at $1,263.15 is not bad idea. The trend is still downward.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,313.40

R2: 1,316.00

R3: 1,320.50

Support levels:

S1: 1,304.50

S2: 1,301.75

S3: 1,297.85

Trading recommendations for today: Watch for selling opportunities.