Gold Technical Analysis 17 August 2020
Gold Technical Analysis: The Gold declined 0.41% against the USD on Friday and closed at 1943.50. Today in the Asian session, while Gold technical Analysis 17 August 2020 is preparing at 5:45 GMT, the XAU/USD trading at 1953.00, which is 0.50% higher from 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 1920.00. The pair is expected to find its first resistance at 1962.00, and a rise through could take it to the next resistance level of 1975.00. Today’s expected trading range is between 1908.00, support and 1990.00 resistance.
The expected trend for today is Bullish
Important support levels:
Support 1: 1930.00
Support 2: 1920:00
Support 3: 1908:00
Important resistance levels:
Resistance 1: 1962.00
Resistance 2: 1975.00
Resistance 3: 1990.00
Gold buying opportunity for intraday trading on August 17, 2020
Buy near the support zones 1930.00 and 1920.00 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 17, 2020
Sell near the resistance zones 1962.00 and 1975.00 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.