Gold and Silver: Gold struggles with support at $1930

<div><img width="1200" height="800" src="https://www.financebrokerage.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 struggles with support at $1930</b></h1>
<ul>
<li aria-level="1">The price of gold has been consolidating for two days in the $1930-$1940 range.</li>
<li aria-level="1">During the Asian trading session, the price of silver continued the bearish trend from earlier.</li>
</ul>
<h2><b>Gold chart analysis</b></h2>
<p>The price of gold has been consolidating for two days in the $1930-$1940 range. During the Asian trading session, we saw continued sideways movement in the price of gold. For now, the price manages to hold above the $1930 level and could rise again to the $1940 resistance level. We need a break above that level for the continued <a href="https://www.financebrokerage.com/dollar-into-yen-forecast-strong-bullish-momentum-expected/">bullish</a> side and our try to hold above.</p>
<p>Potential higher targets are $1945 and $1950 levels. We will have additional pressure on the price in the zone around the $1950 level in the EMA50 moving average. We need a negative consolidation and a breakout below for a bearish option. After that, we will see the formation of a new low and a drop in the price to lower levels. Potential lower targets are the $1925 and $1920 levels.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-217065 size-large" src="https://www.financebrokerage.com/wp-content/uploads/2023/08/8VPXfhxs-1024×524.jpg" alt="Gold chart analysis" width="1024" height="524" /></p>
<h2><b>Silver chart analysis</b></h2>
<p>During the Asian trading session, the price of silver continued the bearish trend from earlier. A new low was formed at the $23.36 level. For now, we have managed to stay above that level and stop further decline. Now, we need a positive consolidation and a move above the $23.50 level.</p>
<p>Then, we need to maintain our position above and start the recovery with a new impulse. Potential higher targets are $23.75 and $24.00 levels. Additional resistance bullish option we will have in the EMA50 moving average in the $24.20 zone.</p>
<p>We need negative consolidation and a drop below this morning’s low for a bearish option. After that, we can expect a further decline and a visit to lower support levels. Potential lower targets are $23.20 and $23.00 levels.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-217066 size-large" src="https://www.financebrokerage.com/wp-content/uploads/2023/08/mOJaXH2R-1024×639.jpg" alt="Silver chart analysis" width="1024" height="639" /></p>
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