Gold Technical Analysis 16 June 2020
Gold Technical Analysis: The Gold declined 0.31% against the USD on Monday and closed at 1725.00. Today in the European session while Gold technical Analysis 16 June 2020 is preparing at 7:15 GMT, the XAU/USD trading at 1727.00, which is 0.10% higher from Yesterday’s close.
The Gold is expected to find support at 1708.00, and a fall through could take it to the next support level of 1691.00. The pair is expected to find its first resistance at 1738.00, and a rise through could take it to the next resistance level of 1751.00. For today the expected trading range is betwee 1708.00, Support and 1751.00 Resistance.
The expected trend for today is Bullish
Supports Levels: Support 1: 1708.00, Support 2: 1691:00, Support 3: 1678:00
Resistance Levels: Resistance 1: 1738.00, Resistance 2: 1751.00, Resistance 3: 1768.00
Gold Buying Opportunity for Intraday Trading 16 June 2020
Buy near the support area 1708.00 and 1691.00 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 16 June 2020
Sell near the resistance area 1738.00 and 1751.00 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.