Gold Technical Analysis 6 October 2020
Gold Technical Analysis: The Gold rose 0.60% against the USD on Monday and closed at 1913.35. Today in the Asian session, while Gold technical Analysis 6 October 2020 is preparing at 5:15 GMT, the XAU/USD trading at 1913.00, which is 0.02% lower from Yesterday’s close.
The Gold is expected to find support at 1894.00, and a fall through could take it to the next support level of 1887.00. The pair is expected to find its first resistance at 1918.00, and a rise through could take it to the next resistance level of 1926.00. Today’s expected trading range is between 1882.00, support and 1938.00 resistance.
The expected trend for today is Bullish
Important support levels:
Support 1: 1894.00
Support 2: 1887:00
Support 3: 1882:00
Important resistance levels:
Resistance 1: 1918.00
Resistance 2: 1926.00
Resistance 3: 1938.00
Gold buying opportunity for intraday trading on October 6, 2020
Buy near the support zones 1894.00 and 1887.00 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 6, 2020
Sell near the resistance zones 1918.00 and 1926.00 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.