Gold analysis for August 25, 2016

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Since our previous analysis, Gold has been trading downward. The price tested the level of $1,322.45 in an high volume. According to the 4H time frame, I found a broken trading range. The price broke the support at the level of $1,329.50 in a high volume, which is a sign that buying looks risky. My advice is to watch for selling opportunities on the pullbacks. The first downward target is set at the price of $1,311.00.

Hourly Fibonacci pivot points:

Resistance levels:

R1: 1,327.25

R2: 1,327.50

R3: 1,337.85

Support levels:

S1: 1,326.45

S2: 1,326.20

S3: 1,325.85

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

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

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