Economy

Gold and silver: the price of gold finds support at $2410

Gold and silver: the price of gold finds support at $2410

The price of gold is in retreat after Monday’s jump to the $2450 level.  
The price of silver slowed down after jumping to $32.51 on Monday. 

Gold chart analysis

The price of gold is in retreat after Monday’s jump to the $2450 level.   Yesterday, we saw a pullback to the weekly low at the $2406 level. We managed to hold above the $2400 level and return above the EMA50 moving average. That pushed gold to $2434 where we formed a lower high. From this resistance level, a new bearish consolidation was initiated, which this time brings us down to the $2410 level. 

Additional pressure creates the EMA50 moving average, which could negatively affect the movement in the coming hours. Potential lower targets are $2400 and $2390 levels.   We are now at $2417, which is important to maintain here because we are above the weekly open price. We need one move to $2420 to get back above the EMA50 moving average. With his support, it will be easier for us to start a recovery on the bullish side.

 

Silver chart analysis

The price of silver slowed down after jumping to $32.51 on Monday. The broader range of this week’s price movement is $31.00-$32.50. Today’s resistance is $32.20, while support is $31.60. Silver has the support of the EMA50 moving average, but the price action suggests that the pullback is not over and that a fall could occur. At the $31.50 level, we will test the weekly open price. 

If the support cannot be maintained, we move to the bearish side and expect a further pullback. Potential lower targets are $31.00 and $30.75 levels. Staying above these support levels could push the price of silver to climb above the $32.00 level. With this step, we start a positive consolidation and start to return to the bullish side. Potential higher targets are $32.25 and $32.50 levels.

 

The post Gold and silver: the price of gold finds support at $2410 appeared first on FinanceBrokerage.

You May Also Like

Editor's Pick

ERP or Enterprise Resource Planning solutions help businesses of all sizes manage their daily business operations. First used in the 1990s, ERP systems have...

Investing

Democratic Gov. Janet Mills on Wednesday vetoed a bill aimed at prohibiting foreign influence in Maine elections, but voters will get the final say...

Latest News

There were several reasons offered in support of the congestion pricing plan that was supposed to go into effect in New York at the...

Latest News

House Speaker Mike Johnson (R-La.) on Wednesday appointed Reps. Scott Perry (R-Pa.) and Ronny Jackson (R-Tex.), two Trump loyalists who denied the results of...

Disclaimer: realinvestmentstar.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 realinvestmentstar.com