Gold Technical Analysis 12 August 2020
Gold Technical Analysis: The Gold declined 5.63% against the USD on Tuesday and closed at 1912.50. Today in the Asian session, while Gold technical Analysis 12 August 2020 is preparing at 5:45 GMT, the XAU/USD trading at 1943.00, which is 1.57% higher from Yesterday’s close.
The Gold is expected to find support at 1860.00, and a fall through could take it to the next support level of 1820.00. The pair is expected to find its first resistance at 1947.00, and a rise through could take it to the next resistance level of 1968.00. Today’s expected trading range is between 1820.00, support and 1994.00 resistance.
The expected trend for today is Bearish
Important support levels:
Support 1: 1860.00
Support 2: 1820:00
Support 3: 1790:00
Important resistance levels:
Resistance 1: 1947.00
Resistance 2: 1968.00
Resistance 3: 1994.00
Gold buying opportunity for intraday trading on August 12, 2020
Buy near the support zones 1960.00 and 1820.00 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 12, 2020
Sell near the resistance zones 1947.00 and 1968.00 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.