Morning Session April,28 2023
Gold and silver experienced a sharp decline but have since made a strong recovery.
Gold briefly dropped below the 1980 level but failed to breach the 1975 level.
Silver reached its next support level at 24.50.
What can we anticipate today - an increase or a decline?
If it rises, which position should we take and at what levels?
II. Analysis of Gold and Silver
A. Hourly Charts
Gold is attempting to trade with divergence but is still trading within the box and not willing to surrender its position.
If gold surpasses 1992, it may be a good time to buy, but expect resistance at the 95 and 2000 levels.
If gold falls below 1982, it may be a good time to sell, particularly if it breaks past the 82 and 80 levels.
Looking at the stock istick, it has decreased but is attempting to recover.
The MACD has crossed over and is trading with little divergence on the hourly charts.
The RSI is nearly flat but pointing upwards.
If gold reverses, watch out for strong resistance levels at 1995 and 2000.
B. Two-hour Charts
Prices fail to remain low and instead rise, indicating bullishness.
Gold has strong resistance levels at 1995 and 2000, so be cautious if it reverses again.
C. Three-hour Charts
Beautiful pattern of higher highs, one drop, retracement, second drop, second strong red candle, and retracing again.
If gold remains above 1992, anticipate good resistance levels at 95 and then 1995.
Beyond that, it may reach 2000 levels, but be cautious and alert until 2005 levels.
The stochastic is rising, the MACD is attempting to convert crossover for a buy, and the RSI is nearly flat.
D. Four-hour Charts
Gold previously had higher lows and higher highs, but the most recent candle breached the channel, indicating a bearish trend.
It failed to remain below the Bollinger Bands, resulting in a slight retracement.
Multiple candles have found support at around the 70-75 zone and 80-85 zone, making these levels crucial for gold.
If gold surpasses 1992, it may be a good time to buy and expect a slight increase, but 2000 and 2005 levels will be good resistance and reversal levels.
Conclusion
Gold and silver have recovered strongly, but there are still resistance levels to monitor.
Keep an eye on the charts and indicators to make informed decisions about buying and selling positions.
Disclaimer: The information provided is for educational and informational purposes only and should not be construed as financial or investment advice. Trading carries a risk of financial loss and you should consult with a financial advisor before making any investment decisions.
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