Gold and silver: Gold under pressure below the $2040 level

<div><img width="1200" height="800" src="https://www.financebrokerage.com/wp-content/uploads/2023/03/gold-3.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="gold rate" decoding="async" loading="lazy" /></div><h1><b>Gold and silver: Gold under pressure below the $2040 level</b></h1>
<ul>
<li aria-level="1">The price of gold is in a sideways movement for the second day in the $2030-$2050 range.</li>
<li aria-level="1">In the previous two days, the price of silver continued to fall below the $23.00 level.</li>
</ul>
<h2><b>Gold chart analysis</b></h2>
<p>The price of gold is in a sideways movement for the second day in the $2030-$2050 range. During the previous Asian trading session, the price of gold managed to hold above the $2045 level. The EU session shows a breakout below and a <a href="https://www.financebrokerage.com/bitcoin-and-ethereum-bitcoin-pullback-below-42000/">pullback</a> to the $2037 level. There has been an increase in price pressure, and we are now seeing a bearish consolidation that could take us down to the $2030 level again. Potential lower targets are $2025 and $2020 levels.</p>
<p>For a bullish option, we need to get back above the $2045 level and stay there. After that, we would have an opportunity to move up to $2050 and test the EMA50 moving average. With the breakthrough above, we start further recovery and climb to higher levels. Potential higher targets are the $2055 and $2060 levels.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-251267 size-large" src="https://www.financebrokerage.com/wp-content/uploads/2024/01/4qc6rzrL1-1024×598.jpg" alt="Gold Chart Analysis" width="1024" height="598" /></p>
<h2><b>Silver chart analysis</b></h2>
<p>In the previous two days, the price of silver continued to fall below the $23.00 level. Yesterday, a low was formed at the $22.67 level. We successfully got support at that level and climbed back up to the $23.00 level, which is now our resistance. During the Asian session, we tried a bullish consolidation, but it was stopped at the $23.20 level. After that, we see a bearish consolidation and a drop below $23.00 again. Potential lower targets are $22.80 and $22.60 levels.</p>
<p>We need a positive consolidation and a return above the $23.20 level for a bullish option. Then, we have to stay up there and form a new bottom from which we would initiate a further recovery to the bullish side. Potential higher targets are $23.40 and $23.60 levels. In the zone around $23.60, we encountered the EMA50 moving average, which did not allow us to move above it even in the previous attempt.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-251268 size-large" src="https://www.financebrokerage.com/wp-content/uploads/2024/01/vn798Egq-1024×598.jpg" alt="Silver chart analysis" width="1024" height="598" /></p>
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