Synopsis: This article provides a detailed observation of the daily charts for XAU/USD (GOLD) and Silver for August 3, 2023. The analysis covers entry and exit points for potential trades. The article highlights key support and resistance levels, moving averages, indicators, and potential scenarios for both assets.
Gold and Silver have traded bearish since the previous day, with Gold finding strong support at 1940 and now being supported at 1933. Meanwhile, Silver has approached 2460, its next support zone. This article aims to analyze the charts and indicators to help traders make informed decisions and maximize profits.
XAU/USD (GOLD) Analysis:
Gold is currently trading within a range of 1933 to 1939, showing bearish tendencies with divergence in moving averages.
A potential retracement is possible, but a reversal confirmation would require trading above 1954-1955, which is less likely for the day.
Buying entry can be considered above 1940, with resistance expected at 1944-1946 and 1950 levels.
On the 2-hour chart, a breakout below 1933 could lead to a sell-off, with potential support at 1928 and a target of 1918.
The 3-hour chart indicates diminishing bearishness, suggesting caution for short positions.
Only if Gold breaks below 1910 can it be considered bearish, otherwise, it remains in a bullish flag formation.
An entry above 1980 could confirm a bullish trend.
Entry/Exit Points for Gold:
Buy Entry: Above 1940
First Target: 1944-1946
Second Target: 1950
Stop Loss: Use a trailing stop loss
Sell Entry: Below 1932
Target: 1928
Second Target: 1918
Stop Loss: Use a trailing stop loss
Silver Analysis:
Silver has experienced drops followed by retracements and is resuming its downward journey.
A breakout below 2350 could lead to a target of 2320, but the strong support at 2300 is crucial for maintaining bullishness.
The 2-hour chart shows oversold conditions, indicating a potential retracement before further moves.
The 3-hour chart shows a bullish flag formation, and a breakout below 2350 could signal more bearishness.
On the daily chart, the range between 2320 and 2350 is critical, and a drop below 2300 may lead to more significant bearishness.
Entry/Exit Points for Silver:
Buy Entry: Above 2380
Target: 2400
Second Target: 2420
Stop Loss: Use a trailing stop loss
Sell Entry: Below 2350
Target: 2320-2325
Stop Loss: Use a trailing stop loss
Conclusion: Gold and Silver present various trading opportunities for August 3, 2023. Gold is still in a bullish flag formation, but a potential retracement could be seen. Silver shows signs of bearishness, but the crucial support at 2300 may trigger a bounce back. Traders should be cautious and use stop losses to manage risks effectively. Watch for the next update before the U.S. session for further insights.
Disclaimer: The information provided in this article is for educational and informational purposes only. It does not constitute financial advice or investment recommendations. Trading in financial markets involves risk, and past performance does not guarantee future results. Readers are solely responsible for their trading decisions and should conduct their own research and seek advice from qualified professionals before making any investment. The author and publisher do not accept any liability for any loss or damage arising from reliance on the information provided herein.
Comments