Gold Technical Analysis 16 October 2020
Gold Technical Analysis: The Gold rose 0.33% against the USD on Thursday and closed at 1908.00. Today in the Asian session, while Gold technical Analysis 16 October 2020 is preparing at 5:15 GMT, the XAU/USD trading at 1910.00, which is 0.11% higher from Yesterday’s close.
The Gold is expected to find support at 1902.00, and a fall through could take it to the next support level of 1895.00. The pair is expected to find its first resistance at 1912.00, and a rise through could take it to the next resistance level of 1915.00. Today’s expected trading range is between 1882.00, support and 1933.00 resistance.
The expected trend for today is Bullish
Important support levels:
Support 1: 1902.00
Support 2: 1895:00
Support 3: 1882:00
Important resistance levels:
Resistance 1: 1912.00
Resistance 2: 1915.00
Resistance 3: 1933.00
Gold buying opportunity for intraday trading on October 16, 2020
Buy near the support zones 1902.00 and 1895.00 as soon as you get a reversal candlestick pattern, using a stop loss 2 points below the low of the reversal candle, and keep the target equal to the stop loss.
Gold selling opportunity for intraday trading on October 16, 2020
Sell near the resistance zones 1912.00 and 1915.00 as soon as you get a reversal candlestick pattern, using a stop loss 2 points above the high of the reversal candle, and keep the target equal to the stop loss.