23-06-2023 XAU/USD and XAG/USD US Session
IIn the recent Asia session update, we analyzed the prospects for gold and silver. Both metals have shown signs of retracement, with the 1918-1920 zone proving to be a strong resistance for gold and silver hovering around the 2040 levels. In this article, we will delve into the charts and indicators to provide insights on the recommended positions for U.S. citizens to profit from these market movements.
Key Points:
Gold Analysis:
Early charts indicate a potential upward move for gold after a sharp drop in the past few days.
The expected levels for gold are around 1925-1930, with significant resistance at 1930 and 1936.
Stochastic and RSI indicators show bullish signals, while MACD exhibits divergence, suggesting a retracement.
Traders are advised to exercise caution and consider buying around 1920 levels, but remain vigilant until 1930-1940 levels are breached.
Silver Analysis:
Silver shows consolidation and a desire to break out above 2240 levels.
A resistance level of 2240 needs to be surpassed for further bullishness, with targets at 2250 and 2260.
Stochastic, MACD, and RSI indicators point towards a potential retracement and bullishness in the forthcoming sessions.
The four-hour chart highlights a bearish channel, suggesting a retracement towards 2300 levels.
Traders can initiate a buy entry above 2240, with caution advised if it drops below 2225.
Conclusion: Based on the analysis of gold and silver, traders are advised to consider their positions carefully. For gold, buying around 1920 levels is recommended, while remaining cautious until 1930-1940 levels are breached. In the case of silver, a breakout above 2240 levels could lead to further bullishness, with targets at 2250 and 2260. Traders should set stop-loss orders and be prepared for possible retracements or pullbacks. The daily stochastic, MACD, and RSI indicators provide valuable insights into market trends and potential trading opportunities..
"Disclaimer: The analysis provided is for informational purposes only and should not be considered as financial advice. Trade at your own risk."
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