Connect with us

Hi, what are you looking for?

Smart Success Strategy – Investing and Stock NewsSmart Success Strategy – Investing and Stock News

Economy

Gold price recovers, Silver retreated to $22.50 this morning

Gold price recovers, Silver retreated to $22.50 this morning

This week’s gold price managed to hold and recover from last week’s decline. 
The price of silver has been in a bearish trend since the beginning of the week. 

Gold chart analysis

This week’s gold price managed to hold and recover from last week’s decline. On Thursday, a weekly high was formed at the $2034 level. After that, we start pulling back to support at the 2020$ level. There we encounter the EMA200, which at that moment gives us its support and pushes us to the $2028 level. There, we stop again and start retreating.

During the Asian trading session, the price continues to slide, breaking the support at $2020. This leads to the formation of a new daily low at the 2016$ level. If we continue on that side, potential lower targets are $2015 and $2010. We need an impulse to the $2025 level for a bullish option. This would bring us back above the EMA200 moving average, which could positively affect the further movement of the gold price. Potential higher targets are $2030 and $2035 levels.

Silver chart analysis

The price of silver has been in a bearish trend since the beginning of the week. After the price retreated below the $23.20 level, a bearish pressure did not allow us to go back above that level. In the previous four days, we had the same number of attempts to climb above, but we failed. So yesterday we saw a bearish consolidation and a drop below $22.80, which further reduced optimism in a possible recovery.

During the Asian trading session, silver continues to fall all the way to the $22.54 level. For now, we have support at that level and are recovering slightly to the $22.70 level. While in the zone, around $22.75, we encountered resistance that could send us back to the bearish side from there. Potential lower targets are $22.50 and $22.40 levels.

The post Gold price recovers, Silver retreated to $22.50 this morning appeared first on FinanceBrokerage.

Enter Your Information Below To Receive Latest News, And Articles.



    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like

    Editor's Pick

    The energy revolution is here to stay, and electric vehicles (EVs) have become part of the mainstream narrative. Despite geopolitical tensions and uncertainty, the...

    Editor's Pick

    Overview Mexico’s Sinaloa state hosts a number of prolific silver and gold mines, including McEwen Mining’s (TSX:MUX) El Gallo Complex, Americas Gold and Silver’s...

    Editor's Pick

    Uranium is an important energy sector commodity, and its rising value has attracted investor interest. 2023 has seen uranium prices solidly above the important...

    Investing

    A new survey shows that the presidential race between former President Donald Trump and President Biden is thin, but Biden faces a deficit in...

    Disclaimer: smartsuccessstrategy.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 smartsuccessstrategy.com