Gold and Silver: Gold is holding above $1890 level

<div><img width="1200" height="676" src="https://www.financebrokerage.com/wp-content/uploads/2021/04/gold-and-silver.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="gold and silver" decoding="async" loading="lazy" /></div><h1><b>Gold and Silver: Gold is holding above $1890 level</b></h1>
<ul>
<li aria-level="1"><span>The price of gold has been in a bearish trend all this week, with a new low at the $1884 level.</span></li>
<li aria-level="1"><span>Silver’s price has been slightly recovering since Tuesday and fell to the $22.21 level. </span></li>
</ul>
<h2><b>Gold chart analysis</b></h2>
<p><span>The price of gold has been in a bearish trend all this week, with a new low at the $1884 level. During the Asian trading session, the price recovered to $1895, where we encounter today’s resistance. We turn again to the <a href="https://www.financebrokerage.com/impact-of-bearish-chinese-economic-data-on-global-oil-prices/">bearish</a> side, making a negative consolidation with a tendency to visit the previous low. Potential lower targets are $1880 and $1875 levels.</span></p>
<p><span>We need a positive consolidation and return above the $1900 level for a bullish option. Then we would have to hold up there if we want to see a continuation to the bullish side. Potential higher targets are $1905 and $1910 levels.</span></p>
<p><img decoding="async" loading="lazy" class="alignnone size-large wp-image-219699" src="https://www.financebrokerage.com/wp-content/uploads/2023/08/Gold-chart-analysis-1024×619.jpg" alt="Gold chart analysis" width="1024" height="619" /></p>
<h2><b>Silver chart analysis</b></h2>
<p><span>Silver’s price has been slightly recovering since Tuesday and fell to the $22.21 level. Yesterday we had a bullish impulse and a jump in the price of silver to $23.00, but we quickly retreated below the $22.80 level. During the Asian trading session, the price moved in the $22.70-$22.80 range. The chart shows a bullish consolidation that could soon make a breakthrough above $22.80 and take us up to the $23.00 level.</span></p>
<p><span>We have additional resistance in the zone around $22.80 in the EMA50 moving average, and we need a break above it. Potential higher targets are $23.20 and $23.40 levels. We need a negative consolidation and a drop below the $22.60 support level for a bearish option. A break below would mean that the price is starting to weaken and descend to lower support levels. Potential lower targets are $22.40 and $22.20 levels.</span></p>
<p><img decoding="async" loading="lazy" class="alignnone size-large wp-image-219700" src="https://www.financebrokerage.com/wp-content/uploads/2023/08/Silver-chart-analysis-1-1024×619.jpg" alt="Silver chart analysis" width="1024" height="619" /></p>
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