Gold and Silver: Gold falls to the $1900 support level
Since the beginning of the week, the price of gold has been in a bearish trend, with the formation of a low at the $1901 level. The price of silver yesterday fell to a new September low at $22.28.Gold chart analysis
Since the beginning of the week, the price of gold has been in a bearish trend, with the formation of a low at the $1901 level. During the Asian trading session, gold received support at that level and started a bullish consolidation. This led to a rally to the $1918 level, and we could soon test the $1920 level.
We need a break above $1920 and above the EMA50 moving average to continue to the bullish side. If we succeed in this, we will have a new opportunity to continue further recovery. Potential higher targets are the $1925 and $1930 levels. We need a negative consolidation and a price pullback below the $1910 level for a bearish option. After that, we can expect a retest of the previous support zone. Potential lower targets are $1895 and $1890 levels.
Silver chart analysis
The price of silver yesterday fell to a new September low at $22.28. During the Asian trading session, we saw a bullish consolidation back now to the $23.00 level. At this level, we encounter the EMA50 moving average and hope for a break above and continuation of the recovery. Potential higher targets are $23.20 and $23.40 levels.
We need a negative consolidation and rejection from the EMA50 and the $23.00 level for a bearish option. After that, we will see a price pullback and the beginning of a bearish option. Potential lower targets are $22.80 and $22.60 levels.
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