On August 2nd, 2023, during the Asia session, the prices of gold (XAUUSD) and silver exhibited bearish behavior, with notable respect for support levels at 1940 and 2410. This analysis aims to provide detailed observations and trading recommendations for XAUUSD on this day.
XAUUSD (GOLD) Analysis:
Early Charts:
Gold was trading bearish with divergence from the moving average.
A gap-up opening occurred due to a credit rating downgrade of the US currency and economy.
Support at 1940-1944 levels, with entry for buying recommended at 1955.
Resistance at 1954-1956, followed by 1960-1965 and 1973 levels.
Indicators: Stochastic dropped, MACD crossed at the bottom, RSI showing slight bearish momentum.
2-Hour Charts:
Lower highs and lower lows observed.
A potential double top formation, critical zone at 1954-1956.
Moving averages trading with divergence and bearishness.
Indicators: Stochastic rising, MACD still divergent and bearish, RSI looking down.
3-Hour Charts:
Bearish momentum diminishing, 1940 proving to be a strong support.
Highs limited at 1970-1973 zone.
Indicators: Stochastic rising, MACD bearish but may converge for a buy entry, RSI looking downwards.
4-Hour Charts:
Bearish momentum diminishing further, critical zone at 1955-1960.
Formation suggests a possible bullish breakout.
Indicators: Stochastic rising from oversold levels, MACD still bearish.
Daily Charts:
A flag formation with support at 1940 and resistance at 1980.
Moving averages trading with divergence and bearishness.
Indicators: Stochastic looking down, MACD crossing over bearishly, RSI indicating slight bearishness.
Conclusion: For XAUUSD trading on August 2nd, 2023, traders are recommended to buy only if gold trades above 1954-1956 levels. Resistance levels to watch out for are at 1960-1965, and a potential bullish breakout can lead to a rise towards 1980. Support is strong at 1940, and a break below 1930 may indicate further bearishness. Traders should exercise caution and set appropriate stop losses.
Silver Analysis:
Early Charts:
Silver exhibited a sharp and smooth bearish movement.
Support respected at 2410 levels.
Resistance at 2440, strong reasons for bullish momentum beyond 2460.
Indicators: Stochastic looking down, MACD crossing over for a buy entry, RSI showing slight bearishness.
2-Hour Charts:
Bearishness diminishing, critical zone at 2440-2450.
Support at 2410, strong support levels at 2395 and 2380.
Indicators: Stochastic rising, MACD converging, RSI looking down.
4-Hour Charts:
Bearish retracement, possible reversal sign.
Entry for buying at 2440, strong resistance at 2460-2480, and bullish confirmation at 2500.
Indicators: Stochastic rising, MACD with divergence and bearishness.
Daily Charts:
Bullish bias with divergence from the moving average.
A flag formation suggests a possible rise.
Support at 2410 and resistance at 2480.
Indicators: Stochastic almost at bottom, MACD crossing over bearishly, RSI looking down.
Conclusion: For silver trading on August 2nd, 2023, traders are recommended to buy only if silver trades above 2440 levels. Resistance levels to watch are at 2460-2480, and a confirmed rise may lead to a strong bullish momentum towards 2525. Strong support exists at 2380, and traders should be cautious until that level is breached. Stop-loss should be set appropriately.
In conclusion, for both XAUUSD and silver, traders are advised to analyze the critical zones, monitor indicators, and implement suitable stop-loss strategies for successful trades on August 2nd, 2023.
Disclaimer: The information provided in this analysis is for educational and informational purposes only. It does not constitute financial advice or any recommendation to buy or sell any financial instrument, including XAUUSD (GOLD) or silver. Trading in financial markets involves risk, and past performance is not indicative of future results. Readers are advised to conduct their own research and consult with a qualified financial advisor before making any investment decisions.
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