Gold Technical Analysis 8 October 2020
Gold Technical Analysis: The Gold rose 0.53% against the USD on Wednesday and closed at 1888.00. Today in the Asian session, while Gold technical Analysis 8 October 2020 is preparing at 5:15 GMT, the XAU/USD trading at 1990.50, which is 0.15% higher from Yesterday’s close.
The Gold is expected to find support at 1875.00, and a fall through could take it to the next support level of 1861.00. The pair is expected to find its first resistance at 1900.00, and a rise through could take it to the next resistance level of 1911.00. Today’s expected trading range is between 1849.00, support and 1920.00 resistance.
The expected trend for today is Bullish
Important support levels:
Support 1: 1875.00
Support 2: 1861:00
Support 3: 1849:00
Important resistance levels:
Resistance 1: 1900.00
Resistance 2: 1911.00
Resistance 3: 1920.00
Gold buying opportunity for intraday trading on October 8, 2020
Buy near the support zones 1875.00 and 1861.00 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 8, 2020
Sell near the resistance zones 1900.00 and 1911.00 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.