Gold Technical Analysis 7 December 2020
Gold Technical Analysis: The Gold declined 0.15% against the USD on Friday and closed at 1838.60. Today in the Asian session, while Gold technical Analysis 7 December 2020 is preparing at 5:15 GMT, the XAU/USD trading at 1833.00, which is 0.31% lower from Yesterday’s close.
The Gold is expected to find support at 1822.00, and a fall through could take it to the next support level of 1818.00. The pair is expected to find its first resistance at 1842.00, and a rise through could take it to the next resistance level of 1847.00. Today’s expected trading range is between 1802.00, support and 1853.00 resistance.
The expected trend for today is Bearish
Important support levels:
Support 1: 1822.00
Support 2: 1818:00
Support 3: 1802:00
Important resistance levels:
Resistance 1: 1842.00
Resistance 2: 1849.00
Resistance 3: 1853.00
Gold buying opportunity for intraday trading on December 7, 2020
Buy near the support zones 1822.00 and 1818.00 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 December 7, 2020
Sell near the resistance zones 1842.00 and 1849.00 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.
Crude Oil Technical Analysis 7 December 2020