On September 7, 2023, during the US trading session, we bring you a comprehensive analysis of XAUUSD (Gold) and Silver prices. We'll provide insights into potential entry and exit points based on the latest chart data.
Gold Price Analysis:
Gold has exhibited a bearish trend, forming lower lows and retracement higher highs. Currently, it is striving to establish a channel. To anticipate a positive move, we await a breakthrough beyond the 1928 resistance level. If successful, the next targets are the 1930 to 1935 range, with 1940 being a more distant possibility.
Indicators suggest a potential breakout, as Bollinger Bands have narrowed. The stochastic and MACD indicators are showing bullish tendencies, and the RSI is rising.
On the 2-hour chart, we observe bullish signs with retracement followed by a green candle. Maintaining levels above 1928 could lead to the 1930 to 1935 range. A confirmation above 1940 would indicate a stronger upward move.
The 3-hour chart indicates a similar pattern with the potential for a reversal. Breakout above 1928 may propel the price to 1930 to 1935 levels. The stochastic and MACD are showing convergence, with RSI hovering at the bottom.
Examining the 4-hour chart, we note lower highs and lows. A breakthrough beyond 1928 may lead to 1930 to 1935 levels. Stochastic and MACD indicators are currently bearish but showing potential for a crossover.
Our recommendation for gold today is to consider selling if it drops to 1924 levels. However, be cautious, as gold has consolidated at 1923. For buying, wait for it to reach the 1915-1918 support zone. A breach below 1915 could indicate a bearish trend. On the upside, buying at 1928 is advisable, targeting 1930-1935 levels as the initial goal, with the possibility of reaching 1938-1940 as the ultimate resistance level.
Gold Trading Strategy:
For Buying Gold (XAUUSD):
Entry Point: Consider buying if gold (XAUUSD) breaks and sustains above 1928.
Initial Target: Aim for the 1930 to 1935 range as the initial target.
Stop-Loss: Place a stop-loss order just below 1923 to manage risk.
Extended Target: If gold surpasses 1935, look for the 1938-1940 range as a more ambitious target.
For Selling Gold (XAUUSD):
Entry Point: Consider selling if gold drops below 1924.
Initial Target: Target the 1915-1918 support zone.
Stop-Loss: Place a stop-loss order just above 1928 to mitigate potential losses.
Extended Target: If gold breaches 1915, the bearish trend might continue. Be cautious below this level.
Silver Price Analysis:
Silver has experienced a bearish phase, marked by lower highs and lower lows. Currently, it is reversing from higher lows, with the potential to test 2350. A reversal or breakout confirmation will only occur if it sustains above 2360.
Indicators for silver suggest a flat trend, with the stochastic, MACD, and RSI showing limited movements.
On the 2-hour chart, we anticipate the creation of lower highs, possibly leading to a 2355-2360 range. A reversal confirmation would be above 2380, with 2400 as the critical resistance level. Notably, silver has found support around 2340.
In the 3-hour chart, a green candle with a small wick on the upside hints at a potential pullback. Breakout past 2360 could lead to 2375-2380, and even 2400. The stochastic is flat, the MACD is showing potential for convergence, and RSI is at the bottom.
Examining the 4-hour chart, we observe lower highs and lows. A reversal could occur between 2320-2340. Buying is confirmed if silver remains above 2360, with 2375-2380 as immediate targets. 2320 remains the strongest support level.
In conclusion, for silver, we recommend buying at 2360, with caution at 2350. Ensure to monitor closely for a reversal. On the downside, consider selling at 2330, but remain vigilant, as a breach below 2320 could indicate bearishness. Trade prudently and profitably.
Silver Trading Strategy:
For Buying Silver:
Entry Point: Consider buying silver if it breaks and stays above 2360.
Initial Target: Aim for the 2375-2380 range as the first target.
Stop-Loss: Place a stop-loss order just below 2350 to manage risk.
Extended Target: If silver confirms the breakout, look for the critical resistance level at 2400.
For Selling Silver:
Entry Point: Consider selling silver if it drops below 2330.
Initial Target: Target the 2320-2325 support zone.
Stop-Loss: Place a stop-loss order just above 2340 to limit potential losses.
Extended Target: Be cautious below 2320, as this could indicate a more extended bearish trend.
Remember that these trading strategies are based on technical analysis as of September 7, 2023. Market conditions can change rapidly, so always use appropriate risk management and adapt your strategy accordingly. Additionally, make sure to consider your risk tolerance and use proper position sizing when executing trades.
Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Trading involves risks, and it's essential to conduct your research and consider your risk tolerance before making any trading decisions.
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