Gold Technical Analysis 4 August 2020
Gold Technical Analysis: The Gold declined 0.37% against the USD on Monday and closed at 1976.00. Today in the Asian session, while Gold technical Analysis 4 August 2020 is preparing at 5:45 GMT, the XAU/USD trading at 1976.10, which is 0.01% higher from Yesterday’s close.
The Gold is expected to find support at 1962.00, and a fall through could take it to the next support level of 1950.00. The pair is expected to find its first resistance at 1985.00, and a rise through could take it to the next resistance level of 1998.00. Today’s expected trading range is between 1985.00, support and 2015.00 resistance.
The expected trend for today is Bullish
Important support levels:
Support 1: 1962.00
Support 2: 1950:00
Support 3: 1940:00
Important resistance levels:
Resistance 1: 1985.00
Resistance 2: 1998.00
Resistance 3: 2015.00
Gold buying opportunity for intraday trading on August 4, 2020
Buy near the support zones 1962.00 and 1950.00 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 4, 2020
Sell near the resistance zones 1985.00 and 1998.00 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.