Gold Technical Analysis 8 May 2020
Gold Technical Analysis: The Gold rose 1.65% against the USD on Thursday and closed at 1715.00. Today in the European session while Gold technical Analysis 8 May 2020 is preparing at 7:15 GMT, the XAU/USD trading at 1718.00, which is 0.17% higher from Yesterday’s close.
The Gold is expected to find support at 1707.00, and a fall through could take it to the next support level of 1692.00. The pair is expected to find its first resistance at 1730.00, and a rise through could take it to the next resistance level of 1745.00. For today the expected trading range is betwee 1692.00, Support and 1745.00 Resistance.
The expected trend for today is Bullish
Supports Levels: Support 1: 1692.00, Support 2: 1669:00, Support 3: 1654:00
Resistance Levels: Resistance 1: 1730.00, Resistance 2: 1745.00, Resistance 3: 1768.00
Gold Buying Opportunity for Intraday Trading 8 May 2020
Buy near the support area 1707.00 and 1692.00 as soon as you get reversal candlesticks patterns using stop loss 2 pips below the low of reversal candlestick & keep target equal to stop loss.
Gold Selling Opportunity for Intraday Trading 8 May 2020
Sell near the resistance area 1730.00 and 1745.00 as soon as you get reversal candlesticks patterns using stop loss 2 pips above the high of reversal candlestick & keep target equal to stop loss.