21-06-2023
In the recent market activity, both gold and silver have witnessed a considerable drop, with silver crashing nearly three and a half percent. This article provides an analysis of the current trading situation for gold and silver, highlighting the support and resistance levels to consider.
Key Points:
Silver experienced a sharp decline of almost three and a half percent, reaching $23 in the US market.
Support and resistance levels for gold and silver will be examined with the help of charts and indicators.
The next update regarding trading gold and silver will be released before the US session.
The current trading situation is affected by Chairman Powers' testimony in the US Congress, which may introduce volatility.
Gold Trading Analysis:
Gold has displayed consolidation and subsequent sharp downward movements.
The support level of 1940, which was previously significant, now acts as resistance.
To anticipate a rise, gold needs to remain above 1940. Further resistance can be expected around 1955.
Moving averages indicate a bearish trend, while stochastic and MACD indicators show mixed signals.
RSI suggests a recovery may be possible.
On the 2-hour charts, support is observed around 1935, with the first resistance level at 1945.
A complete recovery is expected above 1955, signifying a potential reversal.
The 2-hour and 3-hour charts also indicate a consolidation phase.
However, a daily candle closing below 1940 indicates an important point to note.
The overall trading zone for gold ranges between 1930 and 1965.
To initiate a buy position, gold should be observed trading above 1941.5, with targets at 1945, 1950, and 1955.
A reversal may occur only if gold surpasses 1960-1965.
For sell positions, entry below 1933.5 is recommended, with targets at 1931 and potentially down to 1926.
Silver Trading Analysis:
Silver has consolidated within the range of 23-23.20, showing lower lows.
To indicate a complete recovery, silver needs to break past the resistance level of 24.20.
Support is observed around 23, while resistance is expected at 23.25, 23.40, and 23.60.
Indicators suggest a possible retracement and a second wave.
The trading zone for silver spans from 23 to 23.60.
A break below $23 would signify a bearish trend, while a rise above 24.20 would indicate a complete reversal.
The current trading situation is affected by Chairman Powers' testimony in the US Congress, which may introduce volatility.
Conclusion: Both gold and silver have experienced significant drops in recent trading sessions. The support and resistance levels identified through trading analysis provide valuable insights for traders. Gold must surpass 1940 to expect a rise, while silver needs to break above 24.20 for a complete recovery. Traders should remain cautious and monitor market developments closely.
Disclaimer: The information provided is for educational and informational purposes only. Trading in financial markets involves risk, and you should carefully consider your investment objectives before making any trading decisions. Past performance is not indicative of future results.
Kommentare