Based on the analysis of charts and indicators, it seems that both gold and silver have started the week on a weaker note.
Gold is currently trading at around 1980 and silver is below 2525. For gold, if it trades below 1978, further bearishness may be seen, and if it trades below 1974, even more bearishness may prevail.
The selling level for today is 1978.
If you are buying gold, wait for the 1987 and 1990 levels to be breached in order to confirm a reversal and a rise till 1990.
However, between 1990 and 1970, caution must be exercised. The charts indicate a slight downward move for gold, but stochastic is looking down while MACD is bullish.
For silver, it is currently in a consolidation phase, but it has good support at 2475 and 2440 levels. If it trades below these levels, further bearishness may be seen. The selling level for today is 2520.
Overall, caution is recommended for both gold and silver trading today.
Gold and silver are starting the week on a weaker note, with gold trading at 1980 and silver below 2510.
Gold has been on a downward journey, and once it trades below 1978, further bearishness can be expected.
If gold trades below 1970, then more bearishness will prevail, and this is the level to wait for it to break.
The selling level for gold today is 1978, below which you can take a sell entry.
For buying, wait for 1987 levels to be breached, and specifically 1990 levels to be breached to confirm a reversal and a rise till 1990.
Between 1990 and 1970, it's crucial to remain cautious.
The stockistic is looking down, while the MACD is still bearish but has crossed over for a bullish move on the early charts.
On the two-hour charts, gold is showing a sideways movement, and we have to remain cautious in this zone.
The moving averages have started to diverge, and 1990 is the level above which only further reversal confirmation is there.
On the daily charts, gold is attempting to achieve higher lows towards 1974-1975 exits.
Any move above 1985 is a good level to buy, and once 1990 is done, more bearishness will be seen.
Disclaimer-This content is for educational purposes only and is not financial advice; trading in financial markets is risky and may not be appropriate for all investors, so do your research and consult with professionals before investing.
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