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Daily Chart Analysis for XAU/USD (GOLD) and Silver on 20th July 2023

20 July,2023 Asia Session #GOINVESTER #XAUUSD #GOLD #GOLDPRICES


Gold and silver both experienced a slight breakout on 20th July 2023, with gold reaching past 1980 levels and silver trading bullishly around 2528. This article provides a detailed analysis of the daily chart data for XAU/USD (GOLD) and silver, identifying entry and exit points for potential trades on this day.


Observations for XAU/USD (GOLD):

  • Gold has formed a flag pattern and given a breakout, currently trading outside the Bollinger Bands.

  • It exhibits higher highs and higher lows, indicating potential bullishness.

  • A critical support zone is observed between 1976 and 1978. Trading below 1976 could signal bearishness.

  • Indicators like Stochastic and MACD show overbought levels, suggesting caution for traders.

  • Resistance is found around 1987-1988, and a break above 1988 might lead to higher levels, like 1991-1992 and even 2000.

Conclusion for XAU/USD (GOLD):

  • Initiate a sell at 1976, with potential targets at 1970 and below.

  • For bullish positions, wait for a clear break above 1988, but be cautious near 1995 and 2000 levels.

  • Use 1975 as a key level for determining the market direction.



Observations for Silver:

  • Silver exhibits lower highs and higher lows, suggesting a potential breakout in either direction.

  • A bullish channel is forming, but diminishing bullishness calls for careful observation.

  • Key support levels lie at 2510, 2500, and 2480. Below 2480, a bearish trend may emerge.

Conclusion for Silver:

  • Initiate a sell below 2510, with potential targets at 2500 and further down to 2490-2480.

  • For bullish trades, wait for a clear break above 2530, targeting 2550 initially.

  • Be cautious of the 2500-2530 range as it determines the next market move.

Disclaimer: Trading involves risks; always use stop-loss and trade with caution.


Conclusion: On 20th July 2023, traders should closely monitor gold and silver for potential trading opportunities. Gold remains bullish above 1976, but a break above 1988 could lead to higher levels. For silver, selling below 2510 and observing the 2480 support level is crucial. A break above 2530 could trigger a strong bullish momentum. Always trade with proper risk management and awareness of the market conditions.

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