Gold Technical Analysis 6 January 2021
Gold Technical Analysis: The Gold rose 0.44% against the USD on Tuesday and closed at 1950.00. Today in the Asian session, while Gold technical Analysis 28 December 2020 is preparing at 5:15 GMT, the XAU/USD trading at 1945.00, which is 0.27% higher from Yesterday’s close.
The Gold is expected to find support at 1938.00, and a fall through could take it to the next support level of 1919.00. The pair is expected to find its first resistance at 1957.00, and a rise through could take it to the next resistance level of 1964.00. Today’s expected trading range is between 1905.00, support and 1975.00 resistance.
The expected trend for today is Bearish
Important support levels:
Support 1: 1938.00
Support 2: 1919:00
Support 3: 1905:00
Important resistance levels:
Resistance 1: 1957.00
Resistance 2: 1964.00
Resistance 3: 1975.00
Gold buying opportunity for intraday trading on January 6, 2021
Buy near the support zones 1938.00 and 1919.00 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 January 6, 2021
Sell near the resistance zones 1957.00 and 1964.00 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.