Gold Technical Analysis 12 May 2020
Gold Technical Analysis: The Gold declined 0.26% against the USD on Monday and closed at 1697.60. Today in the European session while Gold technical Analysis 12 May 2020 is preparing at 7:15 GMT, the XAU/USD trading at 1704.00, which is 0.37% higher from Yesterday’s close.
The Gold is expected to find support at 1689.00, and a fall through could take it to the next support level of 1680.00. The pair is expected to find its first resistance at 1709.00, and a rise through could take it to the next resistance level of 1721.00. For today the expected trading range is betwee 1680.00, Support and 1721.00 Resistance.
The expected trend for today is Bullish
Supports Levels: Support 1: 1689.00, Support 2: 1680:00, Support 3: 1668:00
Resistance Levels: Resistance 1: 1709.00, Resistance 2: 1721.00, Resistance 3: 1730.00
Gold Buying Opportunity for Intraday Trading 12 May 2020
Buy near the support area 1689.00 and 1680.00 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 12 May 2020
Sell near the resistance area 1709.00 and 1721.00 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.