Gold and Silver: Gold is holding above the $1920 level

<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: Gold is holding above the $1920 level</b></h1>
<ul>
<li aria-level="1">The price of gold has been in retreat this week from the $1,945 level on Monday.</li>
<li aria-level="1">During this week, we saw silver prices were in bearish consolidation from $24.80 to $22.82.</li>
</ul>
<h2><b>Gold chart analysis</b></h2>
<p>The price of gold has been in retreat this week from the $1,945 level on Monday. We formed a new weekly low at the $1915 level on Wednesday. Since then, we have seen a <a href="https://www.financebrokerage.com/oil-and-natural-gas-oil-remains-bullish-above-80-00/">bullish</a> consolidation and price recovery to $1928 until this morning. Now, we have an opportunity to reach the $1930 level. So, we would climb above the EMA50 moving average and get its support. Potential higher targets are $1935 and $1940 levels.</p>
<p>We need a negative consolidation and a price pullback below the $1920 level for a bearish option. After that, we enter the zone of the previous low at the $1915 level. A price break below would mean further weakening of the gold price. Potential lower targets are the $1910 and $1905 levels.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-225055 size-large" src="https://www.financebrokerage.com/wp-content/uploads/2023/09/xBaDGIPx-1024×620.jpg" alt="Gold chart analysis" width="1024" height="620" /></p>
<h2><b>Silver chart analysis</b></h2>
<p>During this week, we saw silver prices were in bearish consolidation from $24.80 to $22.82. Yesterday, we saw the formation of a new low, and since then, we have been recovering slightly. We are back above the $23.00 level and are now trying to hold here before continuing with further recovery. Potential higher targets are $23.20 and $23.40 levels.</p>
<p>We need a negative consolidation and pullback to the $22.80 support level for a bearish option. A price break below would mean forming a new low and confirming a bearish option. Potential lower targets are $22.60 and $22.40 levels.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-225056 size-large" src="https://www.financebrokerage.com/wp-content/uploads/2023/09/yRDE3dKu-1024×620.jpg" alt="Silver chart analysis" width="1024" height="620" /></p>
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