Gold Technical Analysis 31 August 2020
Gold Technical Analysis: The Gold rose 1.75% against the USD on Thursday and closed at 1964.00. Today in the Asian session, while Gold technical Analysis 31 August 2020 is preparing at 5:45 GMT, the XAU/USD trading at 1961.00, which is 0.17% lower from Yesterday’s close.
The Gold is expected to find support at 1954.00, and a fall through could take it to the next support level of 1933.00. The pair is expected to find its first resistance at 1976.00, and a rise through could take it to the next resistance level of 1984.00. Today’s expected trading range is between 1933.00, support and 1998.00 resistance.
The expected trend for today is Bullish
Important support levels:
Support 1: 1954.00
Support 2: 1933:00
Support 3: 1910:00
Important resistance levels:
Resistance 1: 1976.00
Resistance 2: 1984.00
Resistance 3: 1998.00
Gold buying opportunity for intraday trading on August 31, 2020
Buy near the support zones 1954.00 and 1933.00 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 31, 2020
Sell near the resistance zones 1976.00 and 1984.00 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.