Gold Technical Analysis 11 August 2020
Gold Technical Analysis: The Gold rose 0.07% against the USD on Monday and closed at 2027.60. Today in the Asian session, while Gold technical Analysis 11 August 2020 is preparing at 5:45 GMT, the XAU/USD trading at 1987.00, which is 2.00% lower from Yesterday’s close.
The Gold is expected to find support at 1983.00, and a fall through could take it to the next support level of 1969.00. The pair is expected to find its first resistance at 2015.00, and a rise through could take it to the next resistance level of 2032.00. Today’s expected trading range is between 1960.00, support and 2032.00 resistance.
The expected trend for today is Bearish
Important support levels:
Support 1: 1983.00
Support 2: 1969:00
Support 3: 1960:00
Important resistance levels:
Resistance 1: 2015.00
Resistance 2: 2032.00
Resistance 3: 2047.00
Gold buying opportunity for intraday trading on August 11, 2020
Buy near the support zones 1983.00 and 1969.00 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 August 11, 2020
Sell near the resistance zones 2015.00 and 2032.00 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.