Connect with us

Hi, what are you looking for?

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

Economy

Gold and silver: gold needs a jump above the $2330 level

Gold and silver: gold needs a jump above the $2330 level

The price of gold retreated to the $2,293 level last week. 
The price of silver fell to a new June low at $28.55 last Wednesday. 

Gold chart analysis

The price of gold retreated to the $2,293 level last week. After gaining support in that zone, the price started a bullish consolidation to $2,339. There, we encountered resistance, and gold had to retreat to the $2325 level. During this morning’s Asian trading session, the price movement took place in the $2320-$2330 range. In the middle of this channel is the EMA200 moving average and for now, it provides slight support for the price of gold.

This could trigger a bullish consolidation and form a new weekly high. Potential higher targets are $2335 and $2340 levels. For a bearish option, we need a break below the $2320 level. With that step, the price of gold could easily form a new weekly low. It only confirms that the price is under pressure and needs better support. Potential lower targets are $2310 and $2305 levels.

 

Silver chart analysis

The price of silver fell to a new June low at $28.55 last Wednesday. After that, the price stabilized and started a bullish consolidation until Friday, reaching the $29.60 level. There, we encountered new resistance that brought us down to support at $29.00. During this morning’s Asian trading session, the movement took place in the $28.95-$29.20 level. We need an impulse in some direction so that we can more easily determine the trend.

A downward impulse to $28.80 could trigger a further pullback and a visit to last week’s support zone. Potential lower targets are $28.70 and $28.60 levels. A push to $29.30 would bring us closer to the EMA200 moving average. If further bullish consolidation continues, silver will have an opportunity to move above the EMA200. Potential higher targets are $29.40 and $29.60 levels.

 

The post Gold and silver: gold needs a jump above the $2330 level 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