Connect with us

Hi, what are you looking for?

Trading Secrets

Gold and silver: Gold under pressure below the $2040 level

Gold and silver: Gold under pressure below the $2040 level

The price of gold is in a sideways movement for the second day in the $2030-$2050 range. In the previous two days, the price of silver continued to fall below the $23.00 level.

Gold chart analysis

The price of gold is in a sideways movement for the second day in the $2030-$2050 range. During the previous Asian trading session, the price of gold managed to hold above the $2045 level. The EU session shows a breakout below and a pullback to the $2037 level. There has been an increase in price pressure, and we are now seeing a bearish consolidation that could take us down to the $2030 level again. Potential lower targets are $2025 and $2020 levels.

For a bullish option, we need to get back above the $2045 level and stay there. After that, we would have an opportunity to move up to $2050 and test the EMA50 moving average. With the breakthrough above, we start further recovery and climb to higher levels. Potential higher targets are the $2055 and $2060 levels.

Silver chart analysis

In the previous two days, the price of silver continued to fall below the $23.00 level. Yesterday, a low was formed at the $22.67 level. We successfully got support at that level and climbed back up to the $23.00 level, which is now our resistance. During the Asian session, we tried a bullish consolidation, but it was stopped at the $23.20 level. After that, we see a bearish consolidation and a drop below $23.00 again. Potential lower targets are $22.80 and $22.60 levels.

We need a positive consolidation and a return above the $23.20 level for a bullish option. Then, we have to stay up there and form a new bottom from which we would initiate a further recovery to the bullish side. Potential higher targets are $23.40 and $23.60 levels. In the zone around $23.60, we encountered the EMA50 moving average, which did not allow us to move above it even in the previous attempt.

The post Gold and silver: Gold under pressure below the $2040 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

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