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 price at a weekly low of $2325

Gold and Silver: Gold price at a weekly low of $2325

During this morning’s Asian trading session, the price of gold formed a new weekly low at the $2325 level.
The price of silver dropped to the $30.00 level this morning. 

Gold chart analysis

During this morning’s Asian trading session, the price of gold formed a new weekly low at the $2325 level. However, with the formation of a new bottom, the price is showing signs of a recovery, reaching the $2338 level. This upward trend is expected to continue, potentially leading to a profitable price growth. A break above the $2340 level will further strengthen the bullish momentum, with potential higher targets at $2350 and $2360 levels, offering promising profit opportunities. 

Additional resistance in the $2360 zone is the EMA50 moving average. If it happens that the price of gold begins to weaken again, we expect testing of yesterday’s low soon. This could produce a new bearish impulse and a drop to a new weekly low. Potential lower targets are $2320 and $2310 levels.

 

Silver chart analysis

The price of silver dropped to the $30.00 level this morning. After that, a recovery to the $30.60 level was launched. For now, we stop at that level and pull back slightly to the $30.40 level. We expect to receive new support soon and move on to the bullish side. With a rise above $30.80, we will cross the EMA50 moving average and get its support for our further recovery.

Potential higher targets in the silver market are $31.00 and $31.20 levels. However, it’s important to note that we need to observe a negative consolidation and pullback to this morning’s support at the $30.00 level for a bearish option. We are currently pulling back below the EMA200 moving average, which could put pressure on the price of silver to continue its pull to a new low. Potential lower targets are $29.80 and $29.60 levels, indicating a potential for caution in the market.

 

The post Gold and Silver: Gold price at a weekly low of $2325 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