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Gold(XAU/USD) and Silver Price Trends on August 10, 2023: Optimal Entry and Exit Strategies

August 10, 2023 Asia Session #GOINVESTER #GOLD #XAUUSD #SILVER


Synopsis: In this analysis, we delve into the recent price movements of XAU/USD (Gold) and Silver to provide insights into potential entry and exit points for trading on August 10, 2023. We examine key support and resistance levels, chart patterns, and indicators to help traders make informed decisions.




Introduction: Gold and silver have shown bearish trends recently, with gold touching lows around 1914 and silver finding support at 2260. Interestingly, silver's movement has been steadier compared to gold, suggesting possible bottoming-out attempts by both metals. The upcoming CPI data release from the U.S. is anticipated to introduce more volatility to precious metal prices.


Gold Analysis:

  • On early charts, gold's prices are diverging from the 20-period exponential moving average around 1920-1911.

  • Gold has created lower lows and retracements, with recent candles showing lower lows and higher highs.

  • Initiating a buy above 1920 is feasible, but 1924-1926 has transformed from support to resistance.

  • Further resistances are observed at 1932 and 1936-1940 levels for potential bullishness.

  • Crossing 1940 marks a potential reversal, with caution needed until then.

Silver Analysis:

  • Silver has consolidated around 2260-2265 support levels, with resistance at 2280.

  • A buy can be initiated above 2280, while stronger bullishness is expected above 2300.

  • Moving averages on early charts exhibit divergence, indicating limited upward potential.

  • Stochastic indicators suggest a rise, and MACD shows bullish convergence.

  • Silver's price channels hint at resistance at 2340-2360 levels.

Daily Chart Insights:

  • Both gold and silver moving averages show divergence, suggesting potential conversions.

  • Gold's resistance at 1945-1950 and support at 1910-1908 are critical levels.

  • Silver's divergence between moving averages indicates potential conversion and reversion.

  • Silver's resistance lies at 2360-2380 levels.

Conclusion: Trading gold on August 10, 2023, involves considering entry at 1920 levels, with a stop loss near 1914. Resistance is anticipated at 1924-1926, 1931-1932, 1936-1940, and 1946-1950 levels. Crossing 1950 marks a potential bullish reversal. Below 1914, support at 1910-1908 and 1900 is vital. Silver's entry is possible above 2280, aiming for 2300, while support is found around 2260. Silver's resistance lies at 2320, 2340-2360, and beyond. Remember to trade with stop losses and monitor the movements closely.

Disclaimer: The information provided is solely for informational purposes and does not constitute financial advice. Trading involves risks, and it is important to conduct thorough research before making any trading decisions.

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