Gold and silver: Gold is recovering to the $2040 level

<div><img width="1200" height="800" src="https://www.financebrokerage.com/wp-content/uploads/2023/02/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 recovering to the $2040 level</b></h1>
<ul>
<li aria-level="1">The price of gold was in retreat this week until yesterday at the 2013$ level.</li>
<li aria-level="1">The price of silver yesterday fell to a new January low at $22.46.</li>
</ul>
<h2><b>Gold chart analysis</b></h2>
<p>The price of gold was in retreat this week until yesterday at the 2013$ level. The fall is stopped there, and the price starts a recovery. By the end of yesterday, the price returned to the $2027 level. During the Asian trading session, the price continues to recover and crosses above the $2035 level. It is currently at $2039, and we expect to see a jump above the $2040 level soon. We also have support in the EMA50 moving average; potential higher targets are $2045 and $2050.</p>
<p>We need to go back to this morning’s support at the $2030 level for the <a href="https://www.financebrokerage.com/impact-of-bearish-chinese-economic-data-on-global-oil-prices/">bearish</a> option. A drop below would mean that the price has no strength for further growth, and we will see a pullback and move to the bearish side. That would move us away from the EMA50 moving average, and potential lower targets are $2025 and $2020.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-252875 size-large" src="https://www.financebrokerage.com/wp-content/uploads/2024/01/igDEqAW9-1024×598.jpg" alt="Gold Chart Analysis" width="1024" height="598" /></p>
<h2><b>Silver chart analysis</b></h2>
<p>The price of silver yesterday fell to a new January low at $22.46. After receiving support in that zone, we see a recovery above the $22.70 level. During the Asian trading session, the price managed to hold above and initiate a bullish consolidation above $22.80. We are now on our way to $23.00 and could reach it by the end of the day. Potential higher targets are $23.20 and $23.40 levels.</p>
<p>In the zone around $23.20, we came across the EMA50 moving average, which in the previous two weeks represented resistance to the bullish option. We need a negative consolidation and pullback to the $22.70 support level for a bearish option. A break below shows bearish pressure and a continuation of the silver price pullback. Potential lower targets are $22.60 and $22.40 levels.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-252877 size-large" src="https://www.financebrokerage.com/wp-content/uploads/2024/01/kUGKBwvJ-1024×598.jpg" alt="Silver Chart Analysis" width="1024" height="598" /></p>
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