Gold Technical Analysis 29 July 2020
Gold Technical Analysis: The Gold rose 0.74% against the USD on Tuesday and closed at 1958.00. Today in the Asian session, while Gold technical Analysis 29 July 2020 is preparing at 5:45 GMT, the XAU/USD trading at 1953.00, which is 0.25% lower from Yesterday’s close.
The Gold is expected to find support at 1945.00, and a fall through could take it to the next support level of 1914.00. The pair is expected to find its first resistance at 1980.00, and a rise through could take it to the next resistance level of 1992.00. Today’s expected trading range is between 1898.00, support and 1998.00 resistance.
The expected trend for today is Bullish
Important support levels:
Support 1: 1945.00
Support 2: 1914:00
Support 3: 1898:00
Important resistance levels:
Resistance 1: 1980.00
Resistance 2: 1992.00
Resistance 3: 1998.00
Gold buying opportunity for intraday trading on July 29, 2020
Buy near the support zones 1945.00 and 1914.00 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 July 29, 2020
Sell near the resistance zones 1980.00 and 1992.00 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.