Gold Technical Analysis 7 May 2020
Gold Technical Analysis: The Gold declined 1.11% against the USD on Wednesday and closed at 1685.00. Today in the European session while Gold technical Analysis 7 May 2020 is preparing at 7:15 GMT, the XAU/USD trading at 1694.00, which is 0.53% lower from Yesterday’s close.
The Gold is expected to find support at 1675.00, and a fall through could take it to the next support level of 1664.00. The pair is expected to find its first resistance at 1702.00, and a rise through could take it to the next resistance level of 1718.00. For today the expected trading range is betwee 1675.00, Support and 1718.00 Resistance.
The expected trend for today is Bearish
Supports Levels: Support 1: 1675.00, Support 2: 1664:00, Support 3: 1648:00
Resistance Levels: Resistance 1: 1702.00, Resistance 2: 1718.00, Resistance 3: 1729.00
Gold Buying Opportunity for Intraday Trading 7 May 2020
Buy near the support area 1675.00 and 1664.00 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 7 May 2020
Sell near the resistance area 1702.00 and 1718.00 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.