FX.co ★ Gold analysis for September 08, 2016

Since our previous analysis, gold has been trading sideways at the price of $1,346.60. According to the 30M time frame and using the market profile, I found point of control from yesterday at the price of $1,348.95. The price rejected successful from point of control and created up-thrust. This is for me a good sign for a further downward price. My advice is to watch for selling opportunities. Take profit levels are set at the price of $1,341.85 and $1,339.20.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,348.75

R2: 1,350.35

R3: 1,352.80

Support levels:

S1: 1,343.70

S2: 1,342.10

S3: 1,339.65

Trading recommendations for today: Watch for potential selling opportunities.