Gold Technical Analysis 31 July 2020
Gold Technical Analysis: The Gold declined 0.68% against the USD on Thursday and closed at 1957.00. Today in the Asian session, while Gold technical Analysis 31 July 2020 is preparing at 5:45 GMT, the XAU/USD trading at 1971.00, which is 0.70% higher from Yesterday’s close.
The Gold is expected to find support at 1956.00, 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 1982.00, and a rise through could take it to the next resistance level of 1987.00. Today’s expected trading range is between 1908.00, support and 1998.00 resistance.
The expected trend for today is Bullish
Important support levels:
Support 1: 1956.00
Support 2: 1940:00
Support 3: 1908:00
Important resistance levels:
Resistance 1: 1982.00
Resistance 2: 1987.00
Resistance 3: 1998.00
Gold buying opportunity for intraday trading on July 31, 2020
Buy near the support zones 1956.00 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 July 31, 2020
Sell near the resistance zones 1982.00 and 1987.00 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.