Connect with us

Hi, what are you looking for?

Trading Secrets

Gold and Silver: Gold is steady above $2030 on Monday

Gold and Silver: Gold is steady above $2030 on Monday

Last week’s highest gold price was at the $2041 level. Since the beginning of the day, the price of silver has been under bearish pressure.

Gold chart analysis

Last week’s highest gold price was at the $2041 level. From that level, we started to pull back to support at the $2030 level. During the Asian trading session, the price managed to start a bullish consolidation and climbed up to the $2037 level. There, we encounter a new resistance and start a pullback, going down to the $2032 level. We now turn to the bearish side and look towards the previous low at the $2030 level.

If we have to retest that support level, prices will be under a lot of pressure to break below and form a new daily low. Potential lower targets are $2026-$202 levels. We will have greater support in the EMA200 moving average in the zone around the $2020 level.

Silver chart analysis

Since the beginning of the day, the price of silver has been under bearish pressure. During the Asian session, the price falls below the $22.95 level, gaining first support at the $22.80 level. We failed to hold above that level and saw a break below in the previous hour. The price falls below the $22.70 level, forming a new daily low and thus confirming bearish momentum.

Potential lower targets are the $22.60 and $22.50 levels. We need a positive consolidation and a return above the $22.85 level for a bullish option. This would bring us back above the support level and the EMA200 moving average. Consolidation above would reinforce optimism in the silver price recovery. Potential higher targets are $23.00 and $23.10 levels. The next stronger resistance zone is at the $23.20 level.

The post Gold and Silver: Gold is steady above $2030 on Monday 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 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...

    Trading Secrets

    I don’t like it when parts of a puzzle don’t match. You just don’t get a clear picture. As participants in the markets, we...