Gold Technical Analysis 5 August 2020
Gold Technical Analysis: The Gold rose 2.04% against the USD on Tuesday and closed at 2018.50. Today in the Asian session, while Gold technical Analysis 5 August 2020 is preparing at 5:45 GMT, the XAU/USD trading at 2035.00, which is 0.84% higher from Yesterday’s close.
The Gold is expected to find support at 2001.00, and a fall through could take it to the next support level of 1992.00. The pair is expected to find its first resistance at 2038.00, and a rise through could take it to the next resistance level of 2053.00. Today’s expected trading range is between 1992.00, support and 2054.00 resistance.
The expected trend for today is Bullish
Important support levels:
Support 1: 2001.00
Support 2: 1992:00
Support 3: 1983:00
Important resistance levels:
Resistance 1: 2038.00
Resistance 2: 2054.00
Resistance 3: 2088.00
Gold buying opportunity for intraday trading on August 5, 2020
Buy near the support zones 2001.00 and 1992.00 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 5, 2020
Sell near the resistance zones 2038.00 and 2054.00 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.