Gold Technical Analysis February 7, 2019
The Gold declined 0.63% against the USD on Wednesday and closed at 1306.30 Today in the European session while Gold technical analysis February 7, 2019 is preparing at 9:45 GMT, the XAU/USD trading at 1306.00, which is 0.05% lower from Yesterday’s close.
The Gold is expected to find support at 1302.50, and a fall through could take it to the next support level of 1299.00. The pair is expected to find its first resistance at 1313.00, and a rise through could take it to the next resistance level of 1319.00. For today the expected trading range is betwee 1292.00, Support and 1329.00 Resistance.
The expected trend for today is Bearish
Supports Levels: Support 1: 1302.50 Support 2: 1299:00 Support 3: 1292:00
Resistance Levels: Resistance 1: 1313.00 Resistance 2: 1319.00 Resistance 3: 1323.00
Gold Buying Opportunity for Intraday Trading February 7, 2019
Buy near the support area 1302.20 and 1299.00 as soon as you get reversal candlesticks patterns using stop loss 4 pips below the reversal candlestick & keep target equal to stop loss.
Gold Selling Opportunity for Intraday Trading February 7, 2019
Sell near the resistance area 1313.00 and 1319.00 as soon as you get reversal candlesticks patterns using stop loss 4 pips above the reversal candlestick & keep target equal to stop loss.