Synopsis: This article provides a detailed analysis of the XAU/USD (Gold) and Silver price charts for August 21, 2023, during the U.S. session. It identifies key entry and exit points for traders based on chart observations and technical indicators.
Introduction: In today's U.S. session, both Gold (XAU/USD) and Silver prices have shown specific patterns and resistance levels that traders need to consider before making trading decisions. The analysis focuses on identifying potential trends and entry/exit points for both metals.
Gold Analysis:
Gold has traded within a range as previously discussed.
A double bottom formation is visible around the 1885 level, providing support.
However, lower highs indicate potential resistance.
An upward trend line presents a strong resistance zone.
A potential buy entry is suggested above 1895-1896.
If Gold stays above 1906, a reversal could be expected.
In case of a downward move, watch for support around 1885-1895.
Avoid trading Gold as bullish until it surpasses 1895-1896.
Silver Analysis:
Silver has formed higher lows on the daily chart.
Resistance is observed around the 2300 level.
A breakout above 23 dollars could lead to more bullishness.
The MACD is divergent in bullish direction.
The 20 and 50-period moving averages are crossing over on the 3-hour chart.
A possible breakout signal is seen on the 3-hour chart.
Consider a buy entry above 2290 for potential bullish momentum.
Resistance lies at 2320 and beyond.
For selling, a possible entry could be below 2270.
Conclusion: Both Gold and Silver prices have shown specific patterns and resistance levels. Gold's lower highs suggest caution, while Silver has formed higher lows, indicating a more bullish potential. Traders are advised to carefully consider the identified entry and exit points before making trading decisions.
Disclaimer: This analysis is for informational purposes only and does not constitute financial advice. Trading involves risk, and individuals should conduct their own research and consult with financial professionals before making trading decisions.
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