Gold Technical Analysis 21 October 2020
Gold Technical Analysis: The Gold rose 0.21% against the USD on Tuesday and closed at 1907.50. Today in the Asian session, while Gold technical Analysis 21 October 2020 is preparing at 5:15 GMT, the XAU/USD trading at 1918.00, which is 0.55% higher from Yesterday’s close.
The Gold is expected to find support at 1905.00, and a fall through could take it to the next support level of 1896.00. The pair is expected to find its first resistance at 1925.00, and a rise through could take it to the next resistance level of 1932.00. 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: 1905.00
Support 2: 1896:00
Support 3: 1882:00
Important resistance levels:
Resistance 1: 1925.00
Resistance 2: 1932.00
Resistance 3: 1940.00
Gold buying opportunity for intraday trading on October 21, 2020
Buy near the support zones 1905.00 and 1896.00 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 21, 2020
Sell near the resistance zones 1925.00 and 1932.00 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.