Connect with us

Hi, what are you looking for?

The Freedom RightThe Freedom Right

Economy

Gold and silver: Gold is putting pressure on the $1840 level

Gold and silver: Gold is putting pressure on the $1840 level

Today’s gold price continues last week’s bearish consolidation up to the $1839 level.
On Friday, we saw a tremendous drop in the price of silver from the $23.60 level, which continued in the Asian session to the $21.60 level.

Gold chart analysis

Today’s gold price continues last week’s bearish consolidation up to the $1839 level. At that level, the price formed a new six-month low. In the last few hours, gold is trying to stop the fall and is trying to break above the $1845 level. If we were to succeed in that intention, the price could continue above $1850 and form a new bottom at that level, from which it would start a further recovery.

Potential higher targets are $1860 and $1670 levels. The EMA50 moving average is at the distant $1890 level. We need a negative consolidation and a new break below the $1840 support level for a bearish option. A drop below would form a new low and confirm the bearish scenario. Potential lower targets are $1830 and $1820 levels.

Silver chart analysis

On Friday, we saw a tremendous drop in the price of silver from the $23.60 level, which continued in the Asian session to the $21.60 level. Silver tried to start a recovery this morning, but it was stopped at the $21.90 level. Now we again see bearish consolidation and new pressure on the $21.60 previous low. A break below would confirm the formation of a new low, and the potential lower targets are $21.40 and $21.20 levels.

We need a positive consolidation and a price jump to the $22.00 level for a bullish option. Then we need to try to hold above there in order to form a new bottom there and start a further price recovery from there. Potential higher targets are $22.20 and $22.40 levels.

 

The post Gold and silver: Gold is putting pressure on the $1840 level appeared first on FinanceBrokerage.

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

    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

    Stock

    A second delivery driver has died in Texas amid record-high temperatures, just as the regulation of workplace heat safety enters a new legal limbo...

    Investing

    Political advisers to both President Biden and Vice President Harris were reportedly annoyed with Democrat California Gov. Gavin Newsom over a planned debate with...

    Editor's Pick

    By the IoT Analytics team. A new report from IoT Analytics highlights eight notable trends helping to advance and promote digital twins. Four of...

    Investing

    Vermont Sen. Bernie Sanders, 81, defended President Biden, 80, against voter critiques that he lacks the energy and vigor to continue leading the United...

    Disclaimer: thefreedomright.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 © 2020-2024 The Freedom Right. All Rights Reserved