Gold Technical Analysis 1 May 2020
Gold Technical Analysis: The Gold declined 1.52% against the USD on Thursday and closed at 1686.00. Today in the European session while Gold technical Analysis 3 May 2020 is preparing at 7:15 GMT, the XAU/USD trading at 1678.00, which is 0.47% lower from Yesterday’s close.
The Gold is expected to find support at 1670.00, and a fall through could take it to the next support level of 1656.00. The pair is expected to find its first resistance at 1711.00, and a rise through could take it to the next resistance level of 1737.00. For today the expected trading range is betwee 1656.00, Support and 1711.00 Resistance.
The expected trend for today is Bearish
Supports Levels: Support 1: 1670.00, Support 2: 1656:00, Support 3: 1630:00
Resistance Levels: Resistance 1: 1711.00, Resistance 2: 1737.00, Resistance 3: 1752.00
Gold Buying Opportunity for Intraday Trading 1 May 2020
Buy near the support area 1670.00 and 1656.00 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 1 May 2020
Sell near the resistance area 1711.00 and 1737.00 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.