Gold Technical Analysis 21 August 2020
Gold Technical Analysis: The Gold rose 0.76% against the USD on Thursday and closed at 1946.15. Today in the Asian session, while Gold technical Analysis 21 August 2020 is preparing at 5:45 GMT, the XAU/USD trading at 1934.00, which is 0.60% lower from Yesterday’s close.
The Gold is expected to find support at 1928.00, and a fall through could take it to the next support level of 1920.00. The pair is expected to find its first resistance at 1955.00, and a rise through could take it to the next resistance level of 1960.00. Today’s expected trading range is between 1898.00, support and 1974.00 resistance.
The expected trend for today is Bearish
Important support levels:
Support 1: 1928.00
Support 2: 1920:00
Support 3: 1898:00
Important resistance levels:
Resistance 1: 1955.00
Resistance 2: 1960.00
Resistance 3: 1974.00
Gold buying opportunity for intraday trading on August 21, 2020
Buy near the support zones 1928.00 and 1920.00 as soon as you get a reversal candlestick pattern, using a stop loss 2 points below the low of the reversal candle, and keep the target equal to the stop loss.
Gold selling opportunity for intraday trading on August 21, 2020
Sell near the resistance zones 1955.00 and 1960.00 as soon as you get a reversal candlestick pattern, using a stop loss 2 points above the high of the reversal candle, and keep the target equal to the stop loss.