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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