June,28 2023 US Session #goinvester #XAUUSD #silver #gold
Gold and silver have recently experienced retracements from their resistance zones at 1918 levels and 2300 levels, respectively. Currently, they are trading at support levels of 2260 and 1906. Traders are wondering whether the bearish momentum will continue or if a bounce-back can be expected. This article will analyze the possible entry and exit points based on the provided data, using charts and indicators.
Gold Analysis
Early Charts Analysis
After a breakout of the channel, gold saw a sharp drop, followed by a retracement and another sharp drop.
It attempted a reversal but faced strong resistance at the 1918-1920 zone and experienced another significant drop.
The bearishness is diminishing, but the behavior around 1905 levels needs to be observed.
If gold stays below 1905, a short position can be considered with target support at 1900 and the 1894-1895 zone.
Indicators and Moving Averages
Stochastic and RSI on the early charts indicate oversold conditions.
Moving averages are diverging and signaling bearishness.
MACD is also divergent and bearish, with the possibility of stretching the decline.
Support at -4 levels has been historically strong, and 1900-1902 levels can provide solid support.
3HR and Daily Charts Analysis
Similar observations on the 3HR and daily charts confirm the bearish sentiment.
Breakout confirmation for a potential reversal will occur if gold stays above the 1915-1920 zone.
A cautious approach is necessary for buying at 1912 levels until it breaks above 1915-1916 levels.
MACD divergence indicates the beginning of the third wave.
Resistance levels at 1918-1920 need to be surpassed for a complete reversal.
Silver Analysis
Support and Retracement Levels
Silver has reached the next support levels at 2260 and 2255.
The price movement suggests the formation of a new channel, with bearishness prevailing below 2255.
The retracement level to watch is around 2085.
Indicators and Moving Averages
Stochastic, MACD, and RSI on the early charts indicate oversold conditions and bearish signals.
The two-hour charts show a breakout from a bullish channel and bearish moving averages.
Resistance levels at 2300 need to be closely monitored for any retracement or bullish confirmation.
4HR and Daily Charts Analysis
On the four-hour chart, support is seen at 2240, with stronger support at 2200.
The stochastic is oversold, while MACD is converging for a sell signal.
Daily charts suggest that bearishness may continue below 2300, with a potential sharper drop.
Conclusion: Based on the analysis, the recommended strategy for gold is to sell at 1905 and potentially target support levels at 1900 and 1894-1895. However, caution should be exercised around the 1915-1920 resistance zone. For silver, selling below 2255 is advised, with possible targets at 2240, 2230, 2220, and 2200. Buying opportunities arise if silver stays above 2300 or closes above 2080-2290 levels. Traders should closely monitor the charts and indicators to adjust their positions and use appropriate stop-loss and trailing stop-loss techniques.
Disclaimer: The information provided is for educational and informational purposes only. Trading decisions should be made based on personal research and risk assessment.
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