May 5 2023 US Opening Session
Gold and silver have both been trading with a bearish bias recently. According to a morning update, the cell entry for gold was at 2044 and for silver was at 25.95. The support levels for gold are very strong until 2030 and for silver until 2580. If these levels are broken, further bearishness is expected. The NFP data will bring volatility, so caution is advised when trading.
When looking at gold, it has been giving higher lows and lower highs. A breakdown has occurred, and the level of 2044 has seen a good drop. It is now looking downwards, and the levels of 2034 and 2030 are very good support for gold. A buy can be initiated at 2040, but one needs to be very alert because it needs to cross 2050 to become bullish. The levels of 2055 and 2060 need to be taken up for gold to turn bullish. A sell can be initiated at 2034 levels, but levels of 2030 are good support. If it breaks below 2030, a very good drop is expected.
On the daily chart, lower highs and higher lows can be seen. It is advised to wait for it to break past 2030 levels before a further stretch is expected. The 2020 level is the next strongest support, and any rise beyond 2050 is a good indication of a bullish trend.
Regarding silver, it is advised to sell at 25.95 levels, but levels of 25.80 are good support. If it breaks below 25.80, further bearishness is expected. The levels of 26.25 and 26.50 need to be taken up for silver to turn bullish.
Entry and Exit Levels for Gold:
Entry Levels:
Buy at 2040 levels
Sell at 2034-2035 levels
Exit Levels:
Target 1: 2044-2045
Target 2: 2050
Target 3: 2055-2060
Note: If gold trades above 2060 levels, it indicates a reversal, and you should take your positions accordingly.
Support Levels:
Strong support: 2030 levels
Next support: 2020 levels
Entry and Exit Levels for Silver:
Entry Levels:
Buy at 25.95 levels
Sell at 25.85-25.90 levels
Exit Levels:
Target 1: 26.05
Target 2: 26.15
Target 3: 26.25
Note: If silver trades above 26.25 levels, it indicates a reversal, and you should take your positions accordingly.
Support Levels:
Strong support: 25.80 levels
Next support: 25.65 levels
Remember, always trade with caution and keep an eye on the NFP data, which can bring volatility. Don't forget to like, share, subscribe, and comment on the updates, and press the bell icon to stay updated with the twice-a-day analysis.
In conclusion, it is advised to be cautious when trading due to the volatility that the NFP data will bring. The daily charts for gold and silver both suggest that lower highs and higher lows are present, so wait for the levels to break before making any trade decisions.
Disclaimer: This article is for informational purposes only and should not be considered as investment advice.
Comentários