Gold and silver: Gold is putting pressure on the $1840 level

<div><img width="1200" height="800" src="https://6ztkp25f.tinifycdn.com/wp-content/uploads/2022/08/Gold.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 putting pressure on the $1840 level</b></h1>
<ul>
<li aria-level="1">Today’s gold price continues last week’s bearish consolidation up to the $1839 level.</li>
<li aria-level="1">On Friday, we saw a tremendous drop in the price of silver from the $23.60 level, which continued in the Asian session to the $21.60 level.</li>
</ul>
<h2><b>Gold chart analysis</b></h2>
<p>Today’s gold price continues last week’s <a href="https://www.financebrokerage.com/eur-gbp-bearish-consolidation/">bearish consolidation</a> up to the $1839 level. At that level, the price formed a new six-month low. In the last few hours, gold is trying to stop the fall and is trying to break above the $1845 level. If we were to succeed in that intention, the price could continue above $1850 and form a new bottom at that level, from which it would start a further recovery.</p>
<p>Potential higher targets are $1860 and $1670 levels. The EMA50 moving average is at the distant $1890 level. We need a negative consolidation and a new break below the $1840 support level for a bearish option. A drop below would form a new low and confirm the bearish scenario. Potential lower targets are $1830 and $1820 levels.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-230390 size-large" src="https://6ztkp25f.tinifycdn.com/wp-content/uploads/2023/10/TOoXykkp-1024×620.jpg" alt="Gold chart analysis" width="1024" height="620" /></p>
<h2><b>Silver chart analysis</b></h2>
<p>On Friday, we saw a tremendous drop in the price of silver from the $23.60 level, which continued in the Asian session to the $21.60 level. Silver tried to start a recovery this morning, but it was stopped at the $21.90 level. Now we again see bearish consolidation and new pressure on the $21.60 previous low. A break below would confirm the formation of a new low, and the potential lower targets are $21.40 and $21.20 levels.</p>
<p>We need a positive consolidation and a price jump to the $22.00 level for a bullish option. Then we need to try to hold above there in order to form a new bottom there and start a further price recovery from there. Potential higher targets are $22.20 and $22.40 levels.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-230391 size-large" src="https://6ztkp25f.tinifycdn.com/wp-content/uploads/2023/10/E4qIPXNo-1024×620.jpg" alt="Silver chart analysis" width="1024" height="620" /></p>
<p>&nbsp;</p>
<p>The post <a rel="nofollow" href="https://www.financebrokerage.com/gold-and-silver-gold-is-putting-pressure-on-the-1840-level/">Gold and silver: Gold is putting pressure on the $1840 level</a> appeared first on <a rel="nofollow" href="https://www.financebrokerage.com">FinanceBrokerage</a>.</p>