Gold Technical Analysis Aug 12, 2019
Gold Technical Analysis: The Gold declined 0.63% against the USD on Friday and closed at 1497.00. Today in the European session while Gold technical Analysis Aug 12, 2019 is preparing at 7:45 GMT, the XAU/USD trading at 1505.00, which is 0.53% higher from Yesterday’s close.
The Gold is expected to find support at 1487.00, and a fall through could take it to the next support level of 1478.00. The pair is expected to find its first resistance at 1513.00, and a rise through could take it to the next resistance level of 1518.00. For today the expected trading range is betwee 1478.00, Support and 1518.00 Resistance.
The expected trend for today is Bullish
Supports Levels: Support 1: 1492.00, Support 2: 1487:00, Support 3: 1478:00
Resistance Levels: Resistance 1: 1505.00, Resistance 2: 1513.00, Resistance 3: 1518.00
Gold Buying Opportunity for Intraday Trading Aug 12, 2019
Buy near the support area 1487.00 and 1478.00 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 Aug 12, 2019
Sell near the resistance area 1513.00 and 1518.00 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.