Gold and Silver: Gold retreats below the $1950 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="Gold and Silver" decoding="async" loading="lazy" /></div><h1><b>Gold and Silver: Gold retreats below the $1950 level</b></h1>
<ul>
<li aria-level="1">Yesterday, we saw a drop in the price of gold from $1982 to $1942.</li>
<li aria-level="1">The price of silver fell from $25.50 to $24.00 level yesterday.</li>
</ul>
<h2><b>Gold chart analysis</b></h2>
<p>Yesterday, we saw a drop in the price of gold from $1982 to $1942. The reason is the increase in the interest rate from EBC. During the Asian trading session, the price of gold managed to consolidate and jump to the $1956 level. At that level, we encounter resistance and the price retreats to the $1950 level. It is possible that we will retest the previous support zone, and we may see a <a href="https://www.financebrokerage.com/fractal-breakout-strategy/">breakout</a> below. Potential lower targets are the $1940 and $1930 levels.</p>
<p>For a bullish option, we need a positive consolidation and a return of the price above the $1956 level. Then, we need to stay up there and start further recovery with a new impulse. Potential higher targets are $1960 and $1970 levels. We could have additional resistance in the zone around $1960 in the EMA50 moving average.</p>
<p><img decoding="async" loading="lazy" class="wp-image-215096 size-large alignleft" src="https://www.financebrokerage.com/wp-content/uploads/2023/07/XE6X7Vfv-1024×621.jpg" alt="Gold chart analysis" width="1024" height="621" /></p>
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<h2><b>Silver chart analysis</b></h2>
<p>The price of silver fell from $25.50 to $24.00 level yesterday. During the Asian trading session, the price consolidated in the $24.00-$24.20 range. In the EU session, we see the continuation of a movement, and we need some impulse to start the trend.</p>
<p>We need a positive consolidation and a move above the $24.20 level for a bullish option. Then, we need to stay up there and start the recovery with a new impulse. Potential higher targets are $24.40 and $24.60 levels. Additional resistance to the bullish option is the EMA50 moving average in the zone around the $24.60 level.</p>
<p>We need a negative consolidation and a price drop below the $24.00 level for a bearish option. After that, we will form a new two-week low and confirm the bearish scenario. Potential lower targets are $23.80 and $23.60 levels.</p>
<p><img decoding="async" loading="lazy" class="wp-image-215097 size-large alignleft" src="https://www.financebrokerage.com/wp-content/uploads/2023/07/vmC4CeLj-1024×621.jpg" alt="Silver chart analysis" width="1024" height="621" /></p>
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