Connect with us

Hi, what are you looking for?

Investing

Gold and silver: gold needs a jump above the $2330 level

Gold and silver: gold needs a jump above the $2330 level

The price of gold retreated to the $2,293 level last week. The price of silver fell to a new June low at $28.55 last Wednesday.

Gold chart analysis

The price of gold retreated to the $2,293 level last week. After gaining support in that zone, the price started a bullish consolidation to $2,339. There, we encountered resistance, and gold had to retreat to the $2325 level. During this morning’s Asian trading session, the price movement took place in the $2320-$2330 range. In the middle of this channel is the EMA200 moving average and for now, it provides slight support for the price of gold.

This could trigger a bullish consolidation and form a new weekly high. Potential higher targets are $2335 and $2340 levels. For a bearish option, we need a break below the $2320 level. With that step, the price of gold could easily form a new weekly low. It only confirms that the price is under pressure and needs better support. Potential lower targets are $2310 and $2305 levels.

Silver chart analysis

The price of silver fell to a new June low at $28.55 last Wednesday. After that, the price stabilized and started a bullish consolidation until Friday, reaching the $29.60 level. There, we encountered new resistance that brought us down to support at $29.00. During this morning’s Asian trading session, the movement took place in the $28.95-$29.20 level. We need an impulse in some direction so that we can more easily determine the trend.

A downward impulse to $28.80 could trigger a further pullback and a visit to last week’s support zone. Potential lower targets are $28.70 and $28.60 levels. A push to $29.30 would bring us closer to the EMA200 moving average. If further bullish consolidation continues, silver will have an opportunity to move above the EMA200. Potential higher targets are $29.40 and $29.60 levels.

The post Gold and silver: gold needs a jump above the $2330 level appeared first on FinanceBrokerage.

Enter Your Information Below To Receive Free Trading Ideas, Latest News And Articles.

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.
    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like

    Latest News

    Former First Lady Melania Trump will ‘most certainly’ have an influence on who her husband selects as a running mate for the 2024 presidential...

    Latest News

    It’s hard to tell who needs who more.Former President Trump or House Speaker Mike Johnson, R-La.It’s too early to say if Mr. Trump will...

    Investing

    Maximizing Profits in Forex with the XMaster Formula Indicator Key Takeaways: XMaster Formula Indicator is a reliable and accurate tool for Forex traders to...

    Editor's Pick

    On April 23, 1985, the Coca-Cola Company made one of the biggest mistakes in American business history: it changed the formula for Coca-Cola. Outraged...