Gold and Silver: gold under pressure below the $1980 level

<div><img width="1200" height="800" src="https://www.financebrokerage.com/wp-content/uploads/2023/03/gold-3.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 under pressure below the $1980 level</b></h1>
<ul>
<li aria-level="1">The price of gold is in retreat after Friday’s jump to the $1993 level.</li>
<li aria-level="1">On Friday, we saw a jump in the price of silver to the $24.14 level.</li>
</ul>
<h2><b>Gold chart analysis</b></h2>
<p>The price of gold is in retreat after Friday’s jump to the $1993 level. During the Asian session, the price continued to fall with the formation of a new low at the $1973 level. We managed to stop there and briefly recover to the $1985 level.</p>
<p>Here, we now encounter new resistance and begin a <a href="https://www.financebrokerage.com/oil-and-natural-gas-oil-price-triggers-new-pullback/">pullback</a> below the $1980 level. We are now on our way again to test this morning’s low. There is a probability that we will see a breakout below and a new low formed.</p>
<p>Potential lower targets are $1970 and $1965 levels. We need a positive consolidation and return to the zone around the $1985 level for a bullish option. We then need a break above and try to hold above there before continuing to the bullish side. Potential higher targets are $1990 and $1995 levels.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-241439 size-large" src="https://www.financebrokerage.com/wp-content/uploads/2023/11/RmThkGSv-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 jump in the price of silver to the $24.14 level. After that, the price began to retreat, which continued at the beginning of this week. This led to the formation of a new low at the $23.50 level. For now, we manage to stay at that level and slightly recover to the $23.61 level. We are still under bearish pressure and can expect silver to continue its retreat. Potential lower targets are $23.40 and $23.20 levels.</p>
<p>Additional support in the zone around $23.20 was the EMA50 moving average, and there, we could expect stronger support for the price of silver. We need a positive consolidation and a price jump above the $23.80 level for a bullish option. Then we would have to hold our own up there. With a new impulse, we would start a further increase in the price of silver. Potential higher targets are $24.00 and $24.20 levels.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-241441 size-large" src="https://www.financebrokerage.com/wp-content/uploads/2023/11/esPixXdF-1024×620.jpg" alt="Silver chart analysis" width="1024" height="620" /></p>
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