Gold and Silver: Gold is back at $1930 for new support

<div><img width="1200" height="800" src="https://www.financebrokerage.com/wp-content/uploads/2023/02/gold-2.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 back at $1930 for new support</b></h1>
<ul>
<li aria-level="1">During the Asian trading session, the price of gold retreated from $1945 to the $1935 level.</li>
<li aria-level="1">The price of silver fell to the $23.19 level on Friday, forming the August low at that point.</li>
</ul>
<h2><b>Gold chart analysis</b></h2>
<p>During the Asian trading session, the price of gold retreated from $1945 to the $1935 level. The price remains under pressure at that level, trying to stay there and stop further decline. We need a new positive consolidation and a move above the $1940 level for something like that. After that, we could expect to revisit $1945, this morning’s resistance level.</p>
<p>In the zone around $1948, we encounter the EMA50 <a href="https://www.financebrokerage.com/dollar-index-support-at-102-90-with-ema50-moving-average/">moving average</a>, which can be an additional burden for the price of gold. We need a break above if we want to see gold at higher levels. Potential higher targets are the $1950 and $1955 levels.</p>
<p>We need a negative consolidation and a drop below the support at the $1935 level for a bearish option. After that, we should expect the price to visit the $1930 support zone. Potential lower targets are the $1925 and $1920 levels.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-217303 size-large" src="https://www.financebrokerage.com/wp-content/uploads/2023/08/7aKXgWjR-1024×641.jpg" alt="Gold Chart Analysis" width="1024" height="641" /></p>
<h2><b>Silver chart analysis</b></h2>
<p>The price of silver fell to the $23.19 level on Friday, forming the August low at that point. A quick recovery followed, and the price jumped to $23.80. During the Asian trading session, the price of silver began a new retreat, and we are now at the $23.40 level. Pressure at this level could make the price fall to $23.30.</p>
<p>Below, we would be very close to testing last week’s low and possibly forming a new one. Potential lower targets are $23.20 and $23.10 levels. We need a positive consolidation and a return above the $23.70 level for a bullish option. Then, it is necessary to maintain up there and to start further recovery with a new bullish impulse. Potential higher targets are $23.80 and $23.90 levels.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-217304 size-large" src="https://www.financebrokerage.com/wp-content/uploads/2023/08/w0xWezjJ-1024×641.jpg" alt="Silver chart analysis" width="1024" height="641" /></p>
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