June,29 2023 U.S Session #Goinvester #XAUUSD #Gold #Silver
Gold and silver have shown respect for certain key levels, as discussed in the Isha session update. Gold has displayed a strong recovery, while silver has formed a support level. Let's delve into the charts to analyze possible entry and exit points for trading.
Gold Analysis:
Early Charts Analysis:
Gold has experienced a rise after multiple candles rejected the 102.5 level.
However, it is important to note that gold is still forming lower highs, currently at 1910 levels.
A potential buying opportunity arises if gold breaks above 1913, with the possibility of reaching 1916-1917 and 1925 levels.
On the other hand, trading below 1902 indicates a short position with a target of 1895 and potentially lower.
2hR Charts Analysis:
Gold is trading within a bearish channel, showing consolidation for multiple candles.
Stochastic and MACD indicators are rising with divergence, suggesting bullishness.
RSI remains almost flat.
3hR Charts Analysis:
A symmetrical formation is observed after signaling a reversal, possibly causing resistance at 1913 levels.
Stochastic is rising, MACD shows divergence and is looking upwards, and RSI remains almost flat.
A breakout above 1913 could indicate further bullishness towards 2019-2018 levels.
Moving Averages Analysis:
Divergence is seen between the moving averages and the price, indicating a potential recovery towards the 50-period moving average around 1930-1940.
Resistance is expected in this zone.
The formation of lower highs and lower lows should be noted.
Stochastic is rising, MACD is willing to cross over for a buy entry.
RSI is almost at the bottom.
Daily Charts Analysis:
A double bottom formation suggests diminished bearishness.
Gold may rise towards the 1925-1930 zone, with strong resistance at 1930.
A breakout above 1980 would signal a complete reversal.
Stochastic is at the bottom, MACD is divergent and bearish, and RSI is trading in a comfortable zone.
Trading Levels for Gold:
Buy above 1913, with initial targets at 1916-1918 and 1925 levels.
Be cautious of resistance around 1930.
Short positions if gold trades below 1902, with a target of 1895 and potentially lower.
Watch out for the levels at 1902 and 1913 on the upside.
Silver Analysis:
Early Charts Analysis:
Silver has undergone a sharp drop and formed support at 2065 levels.
Selling entry below 2265 can be considered, with a target of 2255 and 2040.
The current pattern shows a drop, retracement, and rejection from 2090 levels.
Silver is still trading within a bearish channel, with a couple of breakouts observed.
2hR Charts Analysis:
Multiple candles have found support at the 2265-2270 zone, indicating a significant level for selling.
Rejections are seen from 2290 levels, which can be a potential buying entry.
Resistance at 2300 is crucial, and a breakout may lead to further rise towards 2320-2350 levels.
Stochastic is rising, MACD shows little divergence, and RSI remains almost flat.
3hR and 4hR Charts Analysis:
Support at 2265-2270 continues to hold.
The formation of a flat top suggests a possible upward move.
Stochastic and MACD indicators are rising, with RSI almost flat.
Daily Charts Analysis:
Lower highs and lower lows have been formed, indicating a need for a breach of 2300 for higher highs.
Resistance at 2320 levels needs to be surpassed for further bullishness.
The price is divergent from the moving averages, suggesting a potential convergence towards higher levels.
Stochastic is rising, MACD shows convergence, and RSI is looking upwards.
Trading Levels for Silver:
Sell below 2265, with the nearest support at 2255 and potential targets at 2240-2020.
Buy above 2290, but remain cautious until the price surpasses 2300.
Targets above 2300 include 2320 and 2350 levels.
Keep a watchful eye on the levels mentioned.
In conclusion, gold has shown signs of recovery but remains within a bearish channel, while silver has formed a support level. Traders should consider key levels and indicators before making any trading decisions. However, it is essential to conduct thorough research and consult with a financial advisor to mitigate risks associated with trading in gold and silver.
Note: The information provided is based on the data and analysis available at the time of writing and is subject to market fluctuations and changes.
Disclaimer: The following article is for informational purposes only and should not be considered financial advice. Trading in gold and silver involves risks, and readers should conduct their own research and consult with a professional advisor before making any investment decisions.
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