Connect with us

Hi, what are you looking for?

Trading Secrets

Gold and silver: Gold on the way to the $2050 level

Gold and silver: Gold on the way to the $2050 level

The price of gold is back to shine above the $2000 level. This week’s low silver price was on Wednesday at $22.49.

Gold chart analysis

The price of gold is back to shine above the $2000 level. The Fed’s decision to leave interest rates at zero on Wednesday evening pushed the price of gold above the $2000 level all the way to $2047 last night. After that, the price made a minor pullback to $2030, and during the Asian trading session, it consolidated around the $2035 level. Now, we are very close to moving above $2040 and try all the way to the $2050 level.

With a break above, it would be much easier for us because we would get rid of the bearish pressure. Potential higher targets are the $2055 and $2060 levels. For a bearish option, we need a negative consolidation and pullback to the support of the $2030 level. A drop below that would signal that we are slowly losing strength and will see a test of lower levels. Potential targets are $2020 and $2015 levels. EMA50 is an additional support for the price in the zone around the 2015$ level.

Silver chart analysis

This week’s low silver price was on Wednesday at $22.49. The price sleeps to get support at that level and, from there, initiates a bullish consolidation that forms a high at the $24.20 level. We are currently in that zone, and at any moment, we expect to see a break above and the formation of a new price high. Potential higher targets are $24.40 and $24.60 levels.

We need a negative consolidation and pullback to the $23.80 level for a bearish option. There, we would test the support of the EMA50 moving average. A break below would introduce uncertainty into the bullish scenario, and we would see a further pullback to the bearish side. Potential lower targets are $23.60 and $23.40 levels.

The post Gold and silver: Gold on the way to the $2050 level appeared first on FinanceBrokerage.

Enter your email address below and we’ll send you our best practices.

    You can unsubscribe at any time. Redstatefoundation respects your privacy and strives to be transparent about our data collection practices. Please read our Privacy Policy and Terms of Use.

    You May Also Like

    Trading Secrets

    What is the marginal rate of substitution and its formula? Key Takeaways: Trade-offs and Satisfaction: MRS shows the trade-offs consumers are willing to make...

    Trading Life

    Laura Wong Hon Chan is an interest rate options trader, who is currently a director at Bank of America Merrill Lynch in New York....

    Trading Secrets

    In this episode of StockCharts TV‘s The MEM Edge, Mary Ellen reviews what’s driving the markets higher and what to be on the lookout...

    Trading Secrets

    SPX Monitoring Purposes: Long SPX on 10/10/22 at 3612.39; sold 12/13/22 at 3669.91 = gain 1.59%. Monitoring Purposes GOLD: Long GDX on 10/9/20 at...