Connect with us

Hi, what are you looking for?

Investing

Gold and silver: gold is trying to hold above $2330 level

Gold and silver: gold is trying to hold above $2330 level

The price of gold retreated yesterday under pressure to the $2315 level. The price of silver on Tuesday could not sustain above the $30.50 level, and a sharp retreat followed to $29.36.

Gold chart analysis

The price of gold retreated yesterday under pressure to the $2315 level. Once again, we were in the weekly support zone. The price again initiates a new bullish consolidation from there, recovering this morning to the $2342 level. We encounter a new resistance there and form a lower high compared to yesterday. Gold then takes a step lower to support at the $2330 level. If the pressure on the price continues, we can expect a pullback below the weekly open price and a move to the bearish side.

Potential lower targets are $2325 and $2320 levels. We need a positive consolidation and a move above the $2340 level for a bullish option. This gives us the support of the EMA50 moving average and we expect to see a continuation to the bullish side. Potential higher targets are $2345 and $2350 levels.

Silver chart analysis

The price of silver on Tuesday could not sustain above the $30.50 level, and a sharp retreat followed to $29.36. During this morning’s Asian trading session, the movement of silver took place in the $29.40-$29.80 range. In the last few hours, we have seen a slight attempt to initiate a bullish consolidation up to $29.60. We need stronger bullish impulses to break above $29.80 today’s resistance.

In the $30.00 zone, the silver price level could have resistance in the EMA50 moving average. Moving above increases the chances of starting a more concrete growth on the bullish side. Potential higher targets are $30.20 and $30.40 levels. The price would have to move back down to the $29.40 support level for a bearish option. The break below leads us to a new low, extending the bearish scenario. Potential lower targets are $29.20 and $29.00 levels.

The post Gold and silver: gold is trying to hold above $2330 level appeared first on FinanceBrokerage.

You May Also Like

Latest News

The Chinese foreign ministry announced sanctions against former Rep. Mike Gallagher, R-Wis., on Tuesday, the day after Taiwan inaugurated a new president. The former...

Stock

Spirit Airlines is doing away with both change and cancellation fees, effective immediately, days after Frontier’s similar announcement, part of an overhaul of the...

Economy

When former president Donald Trump released a video saying states should decide abortion rights, it was meant to tamp down discontent from antiabortion groups...

Economy

In an immediate sense, it doesn’t matter at all whether Americans think Donald Trump is guilty of the charges filed against him in New...