Gold Technical Analysis 3 August 2020
Gold Technical Analysis: The Gold rose 0.98% against the USD on Friday and closed at 1975.00. Today in the Asian session, while Gold technical Analysis 3 August 2020 is preparing at 5:45 GMT, the XAU/USD trading at 1974.00, which is 0.07% lower from Yesterday’s close.
The Gold is expected to find support at 1960.00, and a fall through could take it to the next support level of 1940.00. The pair is expected to find its first resistance at 1986.00, and a rise through could take it to the next resistance level of 1998.00. Today’s expected trading range is between 1908.00, support and 2015.00 resistance.
The expected trend for today is Bullish
Important support levels:
Support 1: 1960.00
Support 2: 1940:00
Support 3: 1908:00
Important resistance levels:
Resistance 1: 1986.00
Resistance 2: 1998.00
Resistance 3: 2015.00
Gold buying opportunity for intraday trading on August 3, 2020
Buy near the support zones 1960.00 and 1940.00 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 3, 2020
Sell near the resistance zones 1986.00 and 1998.00 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.