Technical Analysis (Gold) : XAU/USD 8 May 2020

Forex Technical Analysis : XAUUSD (Gold)

Date : 8 May 2020

Pivot point : 1703.00

Our preference : long positions above 1703.00 with targets at 1722.00 & 1731.00 in extension.

Alternative scenario : below 1703.00 look for further downside with 1694.00 & 1681.00 as targets.

Comment : even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

Supports and resistances :

1745.00 **
1731.00 *
1722.00
1714.71 – Last price
1703.00 *
1694.00
1681.00 **

Warning : This information isn’t a buy-sell signal. Please use this information for the trade guideline.

Source : Trading Central

If you open a live account with a broker that support Trading Central, you’ll get all technical analysis.