Connect with us

Hi, what are you looking for?

Investing

Gold and Silver: Gold is holding above $2030

Gold and Silver: Gold is holding above $2030

The price of gold continues with bullish consolidation after testing the $2000 level. 
During the Asian trading session, the price of silver continued to consolidate around the $25.50 level.

Gold chart analysis

The price of gold continues with bullish consolidation after testing the $2000 level. During the Asian session, the price of gold rose to the $2038 level. After that, the price retreated to support at the $2030 level. We got support there, and the price started a new bullish consolidation. Now we need to climb up to $2040 and try to stay up there. With the new impulse, the price of gold would have the opportunity to continue its recovery.

Potential higher targets are $2050 and $2060 levels. We need a negative consolidation and price pullback to the $2020 support level for a bearish option. Additional support at that level is in the EMA50 moving average. A price drop below that would mean we would likely see further declines in the price of gold. Potential lower targets are $2010 and $2000 levels.

Silver chart analysis

During the Asian trading session, the price of silver continued to consolidate around the $25.50 level. The price is supported by the EMA50 moving average. Based on that, we could expect to see a rise to the $25.80 level. Then we need to maintain ourselves up there and form a new bottom from which we would start further growth.

Potential higher targets are the $25.90 and $26.00 levels. We need a negative consolidation and pullback below the $25.40 level for a bearish option. After that, the price would test the $25.30 support level. Potential lower targets are the $25.20 and $25.00 levels.

 

The post Gold and Silver: Gold is holding above $2030 appeared first on FinanceBrokerage.

    You May Also Like

    Economy

    Boeing’s crew spacecraft Starliner will stay docked with the International Space Station into August, NASA confirmed on Thursday, as the mission remains on hold...

    Editor's Pick

    In this edition of StockCharts TV‘s The Final Bar, Dave shows how breadth conditions have evolved so far in August, highlights the renewed strength in the...

    Stock

    S&P 500 pared back its intraday gain on Wednesday following a Bloomberg report that Royal Group has built a multi-billion-dollar short position in U.S....

    Economy

    A U.S. judge has ruled that former Bed Bath & Beyond investor Ryan Cohen can be sued by investors over a tweet he posted featuring an...

    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