Gold Technical Analysis 5 May 2020
Gold Technical Analysis: The Gold rose 0.17% against the USD on Monday and closed at 1701.00. Today in the European session while Gold technical Analysis 4 May 2020 is preparing at 7:15 GMT, the XAU/USD trading at 1698.00, which is 0.17% lower from Yesterday’s close.
The Gold is expected to find support at 1691.00, and a fall through could take it to the next support level of 1680.00. The pair is expected to find its first resistance at 1713.00, and a rise through could take it to the next resistance level of 1724.00. For today the expected trading range is betwee 1680.00, Support and 1724.00 Resistance.
The expected trend for today is Bearish
Supports Levels: Support 1: 1691.00, Support 2: 1680:00, Support 3: 1669:00
Resistance Levels: Resistance 1: 1713.00, Resistance 2: 1724.00, Resistance 3: 1734.00
Gold Buying Opportunity for Intraday Trading 5 May 2020
Buy near the support area 1691.00 and 1680.00 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 5 May 2020
Sell near the resistance area 1713.00 and 1724.00 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.