August 8,2023 Asia Session #GOINVESTER #GOLD #SILVER #GOLDPRICE
Synopsis: In this analysis, we delve into the daily chart data for XAU/USD (GOLD) and Silver, providing insights and key entry and exit points for trading on August 8, 2023. The article examines various charts, indicators, and support/resistance levels to guide traders in making informed decisions.
Gold experienced increased trading activity throughout the previous day. Despite testing the 1930-1940 Zone, it struggled to break past either end. Meanwhile, silver displayed a significant breakout towards 2305 levels, followed by a minor recovery. This analysis aims to offer guidance on trading positions for gold and silver using chart observations and indicators.
Chart Analysis for Gold:
Gold's movement is engulfed between two crucial candles, highlighting a significant range.
The struggle in the 1935-1932 zone remains evident, indicating a challenging region for gold.
Despite an attempt to breach towards 1930-1931, multiple candles suggest downward pressure.
Lower highs and lower lows are seen, suggesting bearish sentiment.
An entry point for a sell trade could be at 1930, with possible support at 1924-1927.
Bollinger Bandwidth narrowing implies larger candles ahead.
Stochastic is retracing, MACD is divergent and bearish, RSI is pointing downwards.
Two-hour Chart Analysis for Gold:
Gold's megaphone pattern might complete around 1930.
A buy opportunity arises if it rises above 1936; resistances lie at 1938-1945.
Stochastic is downward, MACD is divergent and bearish, RSI is flat.
Three-hour Chart Analysis for Gold:
The Bollinger band indicates sideways movement (1945-1930).
A bullish sign could be emerging if the green candle maintains and subsequent candles rise above 1936-1938.
Stochastic is rising, MACD has divergence and bearishness, RSI is looking downwards.
Four-hour Chart Analysis for Gold:
Bearish sentiment prevails as the candle is bearish and moving averages are spaced.
1930 represents a support level, followed by 1924-1927.
Stochastic is at bottom, MACD is converging, RSI is downward.
Daily Chart Analysis for Gold:
A support trend line indicates significant support around 1925.
Resistance levels include 1945-1950 and the strongest at 1950.
Moving averages indicate bearishness, and a cross occurred on the daily chart.
Stochastic is retracing, MACD is divergent and bearish, RSI is downward.
Recommendation for Gold:
A risky buy position at 1936 or a safer entry at 1940-1942.
A sell position at 1930, targeting 1924-1927 support.
Bulls will strengthen if gold breaks past 1947-1950.
Silver Chart Analysis:
Support at 2305-2310, resistance at 2320, with strong resistance at 2340.
Divergence from the 20-period moving average suggests possible convergence.
A bullish reversal sign on the two-hour chart may indicate a buy opportunity.
Recommendation for Silver:
Buy at 2320, aiming for 2340.
Sell below 2300, targeting 2280-2270 support.
Bullish trend continues above 2360 for 2380, 2420, and 2450 levels.
Conclusion: Both gold and silver exhibit distinct patterns and levels that traders can leverage for their August 8, 2023 positions. While gold faces resistance around 1947-1950, silver has a pivotal resistance point at 2340. However, the market's behavior might be influenced by the upcoming CPI data. Traders are advised to exercise caution and utilize trailing stop losses for prudent risk management.
Disclaimer: The information provided in this article is for educational and informational purposes only. Trading involves substantial risk, and it's important to conduct thorough research and seek advice from financial professionals before making any trading decisions. The author and publisher are not responsible for any losses incurred as a result of trading activities.
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