Weekly Technical Analysis 14-08-2023
Hantec Financial Global
an award-winning brand under Hantec Group, a globally regulated financial services provider with 30+ years of experience
#XAUUSD [Spot Gold]
Looking at the 4-hour trend chart, we can see that the MA5 has crossed below both the MA20 and MA60, forming a bearish moving average death cross. The RSI indicator is at 34, approaching oversold territory, indicating bearish momentum. Additionally, the SAR indicator has formed a bearish signal above the price. With the downward movement in gold prices, the overall direction is biased towards selling (going short), and it is important to watch for technical retracements.
Preferred suggestion: Short on gold with an entry price of 1920, a take profit price of 1860, and a stop loss price of 1950
Alternative suggestion: Long on gold with an entry price of 1850, a take profit price of 1890, and a stop loss price of 1830
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#USOIL [US Crude Oil]
Looking at the 4-hour trend chart, we can see that the MA5 has crossed below the MA20 but remains above the MA60, indicating a period of consolidation. The RSI indicator is at 49, providing sufficient room for both upward and downward movement. Additionally, the SAR indicator has formed a bearish signal above the price. If the MA5 remains above the MA60, there is a potential upward adjustment in the overall direction for crude oil, and it is important to pay attention to the key level of the MA60.
Preferred suggestion: Long on crude oil with an entry price of 82, a take profit price of 88, and a stop loss price of 79
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Alternative suggestion: Short on crude oil with an entry price of 84, a take profit price of 78, and a stop loss price of 87
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The above analyst's view is for reference only.
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