Trading Life 27-01-2023 14:41 204 Views

Gold and silver: The gold is looking for support at $1920

Gold and silver: The gold is looking for support at $1920

During the Asian trading session, the price of gold found its support at the $1920 level. The price of silver managed to rise above the $24.20 level again yesterday. 

Gold chart analysis

During the Asian trading session, the price of gold found its support at the $1920 level. The price pressure has now shifted in that zone which could lead to a continuation of the price decline. We need a negative consolidation for a bearish option. Potential lower targets are the $1910 and $1900 levels. We need a positive consolidation and a move above the $1930 level for a bullish option.

Then we need to hold up there and, with the next bullish impulse, trigger a further recovery in the price of gold. Potential higher targets are the $1940 and $1950 levels.

Silver chart analysis

The price of silver managed to rise above the $24.20 level again yesterday. It did not stay there for long, and a pullback below the $24.00 level followed. During the Asian trading session, the price continued to slide down and is now at the $23.60 level. The current bearish pressure could continue to pressure the price and push it down.

Potential lower targets are the $23.40 and $23.20 levels. For a bullish option, we need a new positive consolidation and a return to the $24.00 level. A break above would give us a new chance to start a new attempt at silver price recovery.

 

The post Gold and silver: The gold is looking for support at $1920 appeared first on FinanceBrokerage.

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