Gold and Silver: Gold is holding high above $1985 level

<div><img width="1200" height="675" src="https://6ztkp25f.tinifycdn.com/wp-content/uploads/2022/10/shutterstock_1795914136.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="China Developments and Commodity Gold's Response" decoding="async" loading="lazy" /></div><h1><b>Gold and Silver: Gold is holding high above $1985 level</b></h1>
<ul>
<li aria-level="1">This week&#8217;s gold price movement took place in the $1960-$1995 range.</li>
<li aria-level="1">The price of silver has been in retreat since the beginning of this week.</li>
</ul>
<h2><b>Gold chart analysis</b></h2>
<p>This week&#8217;s gold price movement took place in the $1960-$1995 range. We are currently at the $1986 level and expect to see a continuation of the <a href="https://www.financebrokerage.com/karat-kat-overview-token-with-bullish-sentiment/">bullish</a> rally above the $1990 level. It would be nice if we managed to reach the $ 2,000 level at the end of this week.</p>
<p>It would be good to move up to the $1995 level for a bullish option. So we would be close to $2000, and a break above could happen. Potential higher targets are the $2010 and $2020 levels.</p>
<p>We need a negative consolidation and pullback to $1970, yesterday&#8217;s support level, for a bearish option. A break below would make us form a new lower low, which would strengthen the bearish option. Potential lower targets are $1960 and $1950 levels. Additional support for the $1960 level is the EMA50 moving average.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-236219 size-large" src="https://6ztkp25f.tinifycdn.com/wp-content/uploads/2023/10/ntgC4ND8-1024×620.jpg" alt="Gold chart analysis " width="1024" height="620" /></p>
<h2><b>Silver chart analysis</b></h2>
<p>The price of silver has been in retreat since the beginning of this week. This week&#8217;s high was on Monday at the $23.40 level. After that, the price made a bearish consolidation, and we mostly moved in the $22.60-$23.20 range. Yesterday, we saw a bearish impulse to the $22.40 level, but the price quickly returned above the $22.60. We are now at $22.85 and fighting the EMA50 moving average to get its support.</p>
<p>We need a break above the $23.00 level to eliminate the bearish pressure and continue towards the previous high. Potential higher targets are $23.20 and $23.40 levels. We need a negative consolidation and pullback to the $22.60 support level for a bearish option. A drop below would indicate that we are on track to go even lower. Potential lower targets are $22.40 and $22.20 levels.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-236220 size-large" src="https://6ztkp25f.tinifycdn.com/wp-content/uploads/2023/10/r9InDNQ7-1024×620.jpg" alt="Silver chart analysis" width="1024" height="620" /></p>
<p>The post <a rel="nofollow" href="https://www.financebrokerage.com/gold-and-silver-gold-is-holding-high-above-1985-level/">Gold and Silver: Gold is holding high above $1985 level</a> appeared first on <a rel="nofollow" href="https://www.financebrokerage.com">FinanceBrokerage</a>.</p>