Connect with us

Hi, what are you looking for?

Investing

Gold and Silver: The gold is testing support at $1,950

Gold and Silver: The gold is testing support at $1,950

During the Asian trading session, the price of gold continued its bearish retreat from last week’s $2000.
The price of silver continues the retreat that began on Friday.

Gold chart analysis

During the Asian trading session, the price of gold continued its bearish retreat from last week’s $2000. Gold broke the support at the $1970 level this morning and continued to fall. And today’s low price was at the $1951.70 level. The gold price hit the EMA50 4H moving average and is now managing to hold above it.

If the pressure on the gold price continues, a break below is expected, and the gold price will have to seek new support. Potential lower targets are the $1948 and $1942 levels. For a bullish option, we need a new positive consolidation and a return of the price above the $1962 level. Then we also need to keep up there if we plan to see further recovery. Potential higher targets are $1968 and $1937-$1975 resistance zone.

Silver chart analysis

The price of silver continues the retreat that began on Friday. During the Asian trading session, the price of silver held above the $23.00 level. In the European session, the price broke below the $23.00 level and began to retreat to lower levels. The first potential support is the $22.83-$22.90 zone. A fall below this zone could take us down to $22.69, then to $22.48.

For a bullish option, we need a positive consolidation and a return of the silver price above the $23.00 level. We have additional resistance at that level in the EMA20 1H moving average. If we manage to get back above, potential higher targets are the $23.34 and $23.50 levels.

 

The post Gold and Silver: The gold is testing support at $1,950 appeared first on FinanceBrokerage.

    You May Also Like

    Stock

    On the surface, index and stock options are very similar. Still, there are some differences that traders should be aware of. Understanding these differences...

    Latest News

    The FBI was not forthcoming with the Trump, Biden and Pence classified documents during a House Intelligence Committee briefing last week, and lawmakers still...

    Editor's Pick

    iBASIS and Sequans have been selected by Actility to meet its delivery schedule for eSIM and iSIM iBASIS and Sequans now considered frontrunners in...

    Economy

    American Airlines is getting rid of its traditional frequent flyer award chart as the carrier moves toward dynamic pricing for mileage redemptions, the latest shift in its lucrative AAdvantage...

    Disclaimer: Richpeoplenetworks.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2024 Richpeoplenetworks.com