Connect with us

Hi, what are you looking for?

Economy

Gold and silver: the price of gold again below $2300

Gold and silver: the price of gold again below $2300

  • On Friday, gold was retreating from $2,387 to $2,286. 
  • On Friday, we saw a strong pullback in the silver price from $31.54 to $29.10.

Gold chart analysis

On Friday, gold was retreating from $2,387 to $2,286. The reason for this decline is positive data from the US economy, which strengthened the dollar. During this morning’s Asian trading session, gold moved in the $2286-$2300 range. If the price manages to stabilize and move above the $23,000 level, it will have the opportunity to start a positive consolidation.

Potential higher targets are $2310 and $2320 levels. We could encounter additional resistance in the EMA50 in the $2320 zone. However, we need to be prepared for a pullback below this morning’s zone and the $2285 level, which could trigger a bearish option. In this scenario, we would see a new weekly low and confirm the bearish momentum, a possibility that our audience of traders and investors should be aware of. Potential lower targets are $2280 and $2270 levels.

Gold chart analysis

 

Silver chart analysis

On Friday, we saw a strong pullback in the silver price from $31.54 to $29.10. The strong dollar has influenced the prices of all metals to make a retreat. During this morning’s Asian trading session, the price stabilized and initiated a bullish consolidation to $29.60. This bullish momentum should have enough power to lift us to higher levels.

Potential higher targets are the $29.80 and $30.00 levels. In the $30.00 zone, we encounter the EMA50 moving average, which could pose a problem for further recovery. For a bearish option, we need a negative consolidation and pullback down to $29.15, the weekly open price. After that we are again forced to test the previous support zone. Potential lower targets are $28.80 and $28.60 levels.

Silver chart analysis

 

The post Gold and silver: the price of gold again below $2300 appeared first on FinanceBrokerage.

You May Also Like

Economy

RBI Maintains Key Interest Rate at 6.50%, Focuses on Growth Quick Look: Unchanged Repo Rate: RBI kept the key interest rate at 6.50% for...

Economy

EUR/USD Up On ECB’s 25 BPS Rate Reduction ECB Rate Cut: ECB Lowered The Main Refinancing Rate To 4.25% And Deposit Facility Rate To...

Investing

Walmart on Wednesday said it will offer new training programs and certifications to fill high-demand roles across its business, such as HVAC technicians, opticians and software...

Economy

Crypto Market Cap Rises 1.7%, Reaching $2.61 Trillion Quick Look: Market Surge: Crypto market capitalization hits $2.61 trillion, reflecting 1.7% growth. Bitcoin Milestone: BTC...

Disclaimer: Margininsiders.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 © 2024 Margininsiders.com