Gold Technical Analysis 21 May 2020
Gold Technical Analysis: The Gold rose 0.11% against the USD on Wednesday and closed at 1747.00. Today in the European session while Gold technical Analysis 21 May 2020 is preparing at 7:15 GMT, the XAU/USD trading at 1735.00, which is 0.67% lower from Yesterday’s close.
The Gold is expected to find support at 1730.00, and a fall through could take it to the next support level of 1720.00. The pair is expected to find its first resistance at 1753.00, and a rise through could take it to the next resistance level of 1759.00. For today the expected trading range is betwee 1720.00, Support and 1753.00 Resistance.
The expected trend for today is Bearish
Supports Levels: Support 1: 1742.00, Support 2: 1736:00, Support 3: 1730:00
Resistance Levels: Resistance 1: 1753.00, Resistance 2: 1759.00, Resistance 3: 1765.00
Gold Buying Opportunity for Intraday Trading 21 May 2020
Buy near the support area 1730.00 and 1720.00 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 21 May 2020
Sell near the resistance area 1753.00 and 1759.00 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.