Gold Technical Analysis 20 August 2020
Gold Technical Analysis: The Gold declined 3.46% against the USD on Wednesday and closed at 1927.60. Today in the Asian session, while Gold technical Analysis 20 August 2020 is preparing at 5:45 GMT, the XAU/USD trading at 1936.00, which is 0.43% higher from Yesterday’s close.
The Gold is expected to find support at 1925.00, and a fall through could take it to the next support level of 1907.00. The pair is expected to find its first resistance at 1955.00, and a rise through could take it to the next resistance level of 1962.00. Today’s expected trading range is between 1898.00, support and 1980.00 resistance.
The expected trend for today is Bullish
Important support levels:
Support 1: 1925.00
Support 2: 1907:00
Support 3: 1898:00
Important resistance levels:
Resistance 1: 1955.00
Resistance 2: 1962.00
Resistance 3: 1980.00
Gold buying opportunity for intraday trading on August 20, 2020
Buy near the support zones 1925.00 and 1909.00 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 20, 2020
Sell near the resistance zones 1955.00 and 1962.00 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.