Gold and silver: The price of gold recovers to $1930
- During the Asian trading session, we saw a correction in the price of gold from $1916 to $1930.
- During the Asian trading session, the price of silver recovered from last week’s low at the $22.80 level.
Gold chart analysis
During the Asian trading session, we saw a correction in the price of gold from $1916 to $1930. After that, the price stopped at $1930 and retreated to $1926, where it is now consolidating. Bearish pressure is increasing, which could lead to bearish consolidation and a return to the previous support zone. With a break below this support, we will see the formation of a new September low. Potential lower targets are the $1910 and $1905 levels.
We need a positive consolidation and price breakout above the $1932 level for a bullish option. Thus, we would climb above $1930 of the previous high, and thus, we would confirm the bullish option. We also get additional support in the EMA50 moving average to continue to the bullish side. Potential higher targets are $1935 and $1940 levels.
Silver chart analysis
During the Asian trading session, the price of silver recovered from last week’s low at the $22.80 level. Today’s high price is the $23.20 level, and for now, that level is resistance for us to continue on the bullish side. We need a break above and try to stay there above. With a new impulse, we would start a further increase in the price of silver. Potential higher targets are $23.40 and $23.60 levels.
We need a negative consolidation and a return to the $22.80 support zone for a bearish option. A break below would mean that we could see the formation of a new low and thus confirm the bearish trend. Potential lower targets are $22.60 and $22.40 levels.
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