Gold Technical Analysis Aug 7, 2023
The Gold declined 0.41% against the USD on Friday and closed at 1942.70. Today in the European session, while the Gold technical Analysis Aug 7, 2023, is prepared at 5:15 GMT, the XAU/USD is trading at 1934.00, which is 0.44% lower than Yesterday’s close.
The Gold is expected to find support at 1930.00, and a fall-through could take it to the next support level of 1925.00. The pair is expected to find its first resistance at 1946.00, and a rise-through could take it to the next resistance level of 1954.00. Today’s expected trading range is between 1913.00 support and 1972.00 resistance.
The expected trend for today is Bearish
Important support levels:
Support 1: 1930.00
Support 2: 1925.00
Support 3: 1913.00
Important resistance levels:
Resistance 1: 1946.00
Resistance 2: 1954.00
Resistance 3: 1972.00