Connect with us

Hi, what are you looking for?

Economy

Gold and silver: the price of gold rises to the $1920 level

gold

Gold and silver: the price of gold rises to the $1920 level

  • During the Asian trading session, the price of gold rose to resistance at the $1920 level.
  • During the Asian trading session, the silver price growth stopped at $22.94.

Gold chart analysis

During the Asian trading session, the price of gold rose to resistance at the $1920 level. That level coincided with the EMA50 moving average, which further weighed on the price and sent it down. We are currently at the $1912 level; soon, we could test the $1910 level of support. We need a price breakout below and negative consolidation for a bearish option.

After that, gold could fall to the $1900 support level. Last week we saw a breakout below and the formation of a lower low at the $1892 level. For a bullish option, we need a positive consolidation and a return of the gold price above the $1920 level. Then we need to stay up there. With a new bullish impulse, we would start the continuation of the gold price recovery. Potential higher targets are the $1930 and $1940 levels.

Gold chart analysis

Silver chart analysis

During the Asian trading session, the silver price growth stopped at $22.94. Very quickly, we encountered resistance there, and silver pulled back below the EMA50 moving average. A picture like this could now add further pressure on the price of silver and send it even lower. We would again have the opportunity to visit last week’s lows.

Potential lower targets are the $22.60 and $22.40 levels. We need a positive consolidation and return above the EMA50 and the $22.90 level for a bullish option. Then it is necessary to stay above that and start the recovery with a new impulse. Potential higher targets are the $23.00 and $23.10 levels.

Silver chart analysis

The post Gold and silver: the price of gold rises to the $1920 level appeared first on FinanceBrokerage.

You May Also Like

Trading Secrets

On this week’s edition of Trading Simplified, Dave continues to show his methodology in action with a new mystery chart. In his “Mind the...

Trading Secrets

Wall Street sold off dramatically on Friday after the jobs report. While the economy is stagnating, many investors are concerned that the Fed will...

Trading Secrets

In this special presentation from StockCharts TV‘s The MEM Edge, Mary Ellen highlights the unique characteristics of a new bull market, along with the...

Investing

Everyone is curious to know how the stock market will react to the debt ceiling deal announcement that happened over the weekend. Republicans and...