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Gold and Silver: New One-month Minimum 

  • During the Asian trading session, the price of gold retreated from the $1740 level and is now looking for support at the $1730 level.
  • The price of silver yesterday formed a new one-month minimum at the $18.30 level.
  • Chinese authorities have pledged to stimulate the world’s second-largest economy and boost investor confidence.

Gold chart analysis

During the Asian trading session, the price of gold retreated from the $1740 level and is now looking for support at the $1730 level. Pressure on the price is increasing again, and we could see another drop to the $1720 level, yesterday’s minimum. The dollar is stable today, which has had a negative impact on the price of gold. If the pressure on the price of gold continues, we could see it at the $1,700 level in the coming period.

For a bearish option, we need a continuation of a new negative consolidation and a drop to $1720 to retest the support level. A price break below would signify that a bearish trend is on the table. Potential lower targets are $1710 and $1700 levels. For a bullish option, we need a new positive consolidation and a return above the $1740 level. A price break above would have a positive effect on buyer sentiment. Potential higher targets are $1750 and $1760 levels.

Chart: https://www.tradingview.com/x/1UDM1Svf/

Silver chart analysis

The price of silver yesterday formed a new one-month minimum at the $18.30 level, which was followed by a bullish consolidation, and the price moved above the $18.50 level. During the Asian trading session, the price of silver moved in the range of $18.50 – $18.75. We are currently at the lower support level; bearish pressure has now increased slightly and we could see a break below. We need a negative consolidation and a break below the $18.50 level for a bearish option. A price drop below would retest yesterday’s low at $18.30. Potential lower targets are $18.25 and $18.00 levels. We need positive consolidation and break prices above the $18.75 level for a bullish option. Our next resistance zone is $19.00, and additional price pressure at that point creates the MA200 moving average.

Silver chart analysis

Market Overview

Chinese authorities have pledged to stimulate the world’s second-largest economy and boost investor confidence. The US dollar is encountering new supplies for the second day in a row and continues to retreat from the 20-year high it touched the previous day, which, in turn, offers some support to gold. The decline in USD profits could be attributed solely to another drop in US Treasury yields.



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