Gold Technical Analysis 22 October 2020
Gold Technical Analysis: The Gold rose 0.76% against the USD on Wednesday and closed at 1924.60. Today in the Asian session, while Gold technical Analysis 22 October 2020 is preparing at 5:15 GMT, the XAU/USD trading at 1916.00, which is 0.45% lower from Yesterday’s close.
The Gold is expected to find support at 1912.00, and a fall through could take it to the next support level of 1898.00. The pair is expected to find its first resistance at 1932.00, and a rise through could take it to the next resistance level of 1945.00. Today’s expected trading range is between 1890.00, support and 1945.00 resistance.
The expected trend for today is Bullish
Important support levels:
Support 1: 1912.00
Support 2: 1898:00
Support 3: 1890:00
Important resistance levels:
Resistance 1: 1932.00
Resistance 2: 1945.00
Resistance 3: 1960.00
Gold buying opportunity for intraday trading on October 22, 2020
Buy near the support zones 1912.00 and 1898.00 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 October 22, 2020
Sell near the resistance zones 1932.00 and 1945.00 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.