Gold Technical Analysis November 7, 2018
The Gold declined 0.34% against the USD on Tuesday and closed at 1226.98. Today in the European session while Gold technical analysis November 7, 2018 is preparing at 8:45 GMT, the XAU/USD trading at 1230.30, which is 0.27% higher from Yesterday’s close.
The Gold is expected to find support at 1229.00, and a fall through could take it to the next support level of 1226.00. The pair is expected to find its first resistance at 1234.00, and a rise through could take it to the next resistance level of 1241.00. For today the expected trading range is betwee 1216.00, Support and 1241.00 Resistance.
The expected trend for today is Bullish
Supports Levels: Support 1: 1222.00 Support 2: 1216:00 Support 3: 1209:00
Resistance Levels: Resistance 1: 1234.00 Resistance 2: 1241.00 Resistance 3: 1246.50
Gold Buying Opportunity for Intraday Trading November 7, 2018
Buy near the support area 1229.00 and 1226.00 as soon as you get reversal candlesticks patterns using stop loss 4 pips below the reversal candlestick & keep target equal to stop loss.
Gold Selling Opportunity for Intraday Trading November 7, 2018
Sell near the resistance area 1234.00 and 1241.00 as soon as you get reversal candlesticks patterns using stop loss 4 pips above the reversal candlestick & keep target equal to stop loss.