Gold Technical Analysis 5 March 2021
Gold Technical Analysis: The Gold declined 0.72% against the USD on Thursday and closed at 1698.60. Today in the Asian session, while Gold technical Analysis 28 December 2020 is preparing at 5:15 GMT, the XAU/USD trading at 1697.00, which is 0.10% lower from Yesterday’s close.
The Gold is expected to find support at 1685.00, and a fall through could take it to the next support level of 1671.00. The pair is expected to find its first resistance at 1704.00, and a rise through could take it to the next resistance level of 1717.00. Today’s expected trading range is between 1690.00, support and 1740.00 resistance.
The expected trend for today is Bearish
Important support levels:
Support 1: 1685.00
Support 2: 1671:00
Support 3: 1665:00
Important resistance levels:
Resistance 1: 1704.00
Resistance 2: 1717.00
Resistance 3: 1722.00
Gold buying opportunity for intraday trading on March 5, 2021
Buy near the support zones 1685.00 and 1671.00 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 March 5, 2021
Sell near the resistance zones 1704.00 and 1717.00 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.