Gold and silver: gold is consolidating around $1,950

<div><img width="1200" height="800" src="https://www.financebrokerage.com/wp-content/uploads/2023/03/gold-4.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="gold" decoding="async" loading="lazy" /></div><h1><b>Gold and silver: gold is consolidating around $1,950</b></h1>
<ul>
<li aria-level="1">During the Asian trading session, we saw a pullback in the price of gold to the $1952 level.</li>
<li aria-level="1">During the Asian trading session, the price of silver retreated to the $24.20 level of support.</li>
</ul>
<h2><b>Gold chart analysis</b></h2>
<p>During the Asian trading session, we saw a pullback in the price of gold to the $1952 level. In the EU session, the fall was stopped at that level, and the price recovered to $1955. We now expect to see a continuation of the <a href="https://www.financebrokerage.com/2023-economic-recovery-in-china/">recovery</a> and a move to the $1960 level. Additional resistance in that zone is the EMA50 moving average, and we need a break above it for further continuation to the bullish side. Potential higher targets are $1965 and $1970 levels.</p>
<p>We need a negative consolidation and pullback below the $1950 level for a bearish option. In this way, we would initiate a decline in the price of gold, which could lead to a visit to the previous support levels. Potential lower targets are $1945 and $1940 levels.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-215538 size-large" src="https://www.financebrokerage.com/wp-content/uploads/2023/07/9ld1UHve-1024×621.jpg" alt="Gold chart analysis" width="1024" height="621" /></p>
<h2><b>Silver chart analysis</b></h2>
<p>During the Asian trading session, the price of silver retreated to the $24.20 level of support. We remain under pressure below the $24.40 level and need a break above it to continue on the bullish side. We immediately encounter the EMA50 moving average up there, and we need a move above it to get its support. Potential higher targets are $24.50 and $24.60 levels.</p>
<p>We need a negative consolidation and a drop to the $24.00 support level for a bearish option. A fall below would form a new low and thus confirm the fall in the price of silver and the bearish side. Potential lower targets are $23.90 and $23.80 levels.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-215539 size-large" src="https://www.financebrokerage.com/wp-content/uploads/2023/07/lNKnSnPU-1024×621.jpg" alt="Silver chart analysis" width="1024" height="621" /></p>
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