Gold and Silver: $2065 is the new high for gold this week
<div><img width="1200" height="675" src="https://www.financebrokerage.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: $2065 is the new high for gold this week</b></h1>
<ul>
<li aria-level="1">The price of gold has been consistently bullish this week.</li>
<li aria-level="1">The price of silver fell yesterday to the $22.49 level, thus forming this week’s low.</li>
</ul>
<h2><b>Gold chart analysis</b></h2>
<p>The price of gold has been consistently bullish this week. Yesterday, we saw the formation of a new high at $2065. After that, the price retreated, and during the Asian session, we watched the movement in the zone around the $2055 level. Nothing changed in the EU session, and the price of gold continues to be held high. We need a jump above $2060 to wake up and try to retest yesterday’s level.</p>
<p>Potential higher targets are $2070 and $2075 levels. We need a price drop to the $2050 level for a bearish option. With that, we would start a pullback, and the price would be under pressure to continue the <a href="https://www.financebrokerage.com/what-is-a-bearish-engulfing-candle/">bearish</a> consolidation that had begun. Potential lower targets are $2045 and $2040 levels. EMA200 could provide us with support in the zone around the $2035 level.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-258242 size-large" src="https://www.financebrokerage.com/wp-content/uploads/2024/02/KFpK9Qyj-1024×598.jpg" alt="Gold chart analysis" width="1024" height="598" /></p>
<h2><b>Silver chart analysis</b></h2>
<p>The price of silver fell yesterday to the $22.49 level, thus forming this week’s low. With a new strong bullish impulse, we quickly returned above the $23.00 level and, after that, continued the bullish consolidation. During the Asian trading session, the price successfully stayed above the $23.10 level, and now we expect to see a continuation above the $23.20 level. This week’s silver price high was formed on Wednesday at the $23.32 level.</p>
<p>Potential higher targets are $23.30 and $23.40 levels. I need a pullback below the $23.10 level for a bearish option. Again, we would put pressure on the $23.00 support level. Immediately below is the EMA200 in the zone around $22.95 levels. A break below would significantly increase the bearish momentum and thus push the price of silver even lower. Potential lower targets are $22.80 and $22.70 levels.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-258243 size-large" src="https://www.financebrokerage.com/wp-content/uploads/2024/02/tVFU08mT-1024×485.jpg" alt="Silver chart analysis" width="1024" height="485" /></p>
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