Gold Technical Analysis 16 April 2020
Gold Technical Analysis: The Gold declined 0.66% against the USD on Wednesday and closed at 1716.50. Today in the Asian session while Gold technical Analysis 16 April 2020 is preparing at 7:15 GMT, the XAU/USD trading at 1717.00, which is 0.03% higher from Yesterday’s close.
The Gold is expected to find support at 1705.00, and a fall through could take it to the next support level of 1695.00. The pair is expected to find its first resistance at 1730.00, and a rise through could take it to the next resistance level of 1742.00. For today the expected trading range is betwee 1708.00, Support and 1766.00 Resistance.
The expected trend for today is Bullish
Supports Levels: Support 1: 1705.00, Support 2: 1695:00, Support 3: 1682:00
Resistance Levels: Resistance 1: 1730.00, Resistance 2: 1742.00, Resistance 3: 1753.00
Gold Buying Opportunity for Intraday Trading 16 April 2020
Buy near the support area 1705.00 and 1695.00 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 April 2020
Sell near the resistance area 1730.00 and 1742.00 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.