Gold Technical Analysis Aug 16, 2019
Gold Technical Analysis: The Gold rose 0.25% against the USD on Thursday and closed at 1523.30. Today in the European session while Gold technical Analysis Aug 16, 2019 is preparing at 7:45 GMT, the XAU/USD trading at 1512.00, which is 0.74% lower from Yesterday’s close.
The Gold is expected to find support at 1500.00, and a fall through could take it to the next support level of 1492.00. The pair is expected to find its first resistance at 1531.00, and a rise through could take it to the next resistance level of 1538.00. For today the expected trading range is betwee 1492.00, Support and 1550.00 Resistance.
The expected trend for today is Bearish
Supports Levels: Support 1: 1512.00, Support 2: 1500:00, Support 3: 1492:00
Resistance Levels: Resistance 1: 1531.00, Resistance 2: 1538.00, Resistance 3: 1550.00
Gold Buying Opportunity for Intraday Trading Aug 16, 2019
Buy near the support area 1500.00 and 1492.00 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 Aug 16, 2019
Sell near the resistance area 1531.00 and 1538.00 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.