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Gold analysis for August 24, 2016

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Since our previous analysis, Gold has been trading sideways at the price of $1,337.00. According to the 4H time frame, I found trading range between the price of $1,330.00 (support) and the price of $1,357.60 (resistance). The price action suggests that buyers protected the support (pin bars from the support). I also found bullish outside bar formation, which is a sign that selling looks risky. So, I expect testing of resistance at the price of $1,357.00. Be careful when selling and watch for potential buying opportunities.

Hourly Fibonacci pivot points:

Resistance levels:

R1: 1,343.90

R2: 1,344.75

R3: 1,346.00

Support levels:

S1: 1,341.00

S2: 1,340.00

S3: 1,338.75

Trading recommendations for today: Selling looks risky, watch for potential buying opportunities.

The material has been provided by InstaForex Company - www.instaforex.com