FX.co ★ Gold analysis for September 05, 2016

Since our previous analysis, Gold has been trading upwards. The price tested the level of $1,329.89 in an ultra high volume. The price spiked upward after the Non-Farm employment change data. Anyway, it is very risky to buy at this stage since I found a potential ending diagonal. My advice is to watch for selling opportunities with targets at $1,315.80 and $1,307.15. Only if the price breaks the level of $1,329.89, the price may continue higher.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,328.04

R2: 1,328.65

R3: 1,329.65

Support levels:

S1: 1,326.05

S2: 1,325.45

S3: 1,224.40

Trading recommendations for today: Watch for selling opportunities as long the price doesn't go above $1,329.89.