Gold Technical Analysis 16 October 2019
Gold Technical Analysis: The Gold declined 0.76% against the USD on Tuesday and closed at 1481.00. Today in the European session while Gold technical Analysis 16 October 2019 is preparing at 7:45 GMT, the XAU/USD trading at 1483.00, which is 0.13% higher from Yesterday’s close.
The Gold is expected to find support at 1472.00, and a fall through could take it to the next support level of 1464.00. The pair is expected to find its first resistance at 1494.00, and a rise through could take it to the next resistance level of 1507.00. For today the expected trading range is betwee 1464.00, Support and 1494.00 Resistance.
The expected trend for today is Bearish
Supports Levels: Support 1: 1472.00, Support 2: 1464:00, Support 3: 1451:00
Resistance Levels: Resistance 1: 1494.00, Resistance 2: 1507.00, Resistance 3: 1515.00
Gold Buying Opportunity for Intraday Trading 16 October 2019
Buy near the support area 1472.00 and 1564.00 as soon as you get reversal candlesticks patterns using stop loss 2 pips below the low of reversal candlestick & keep target equal to stop loss.
Gold Selling Opportunity for Intraday Trading 16 October 2019
Sell near the resistance area 1494.00 and 1507.00 as soon as you get reversal candlesticks patterns using stop loss 2 pips above the high of reversal candlestick & keep target equal to stop loss.