Gold and Silver: The price of gold climbs above $1980

<div><img width="1200" height="800" src="https://6ztkp25f.tinifycdn.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: The price of gold climbs above $1980</b></h1>
<ul>
<li aria-level="1">This week, we saw a continuation of the bullish consolidation in the price of gold.</li>
<li aria-level="1">The price of silver is once again climbing above the $23.00 level.</li>
</ul>
<h2><b>Gold chart analysis</b></h2>
<p>This week, we saw a continuation of the bullish consolidation in the price of gold. We started the week at the $1925 level, and now we see the formation of a new high at the $1985 level. The bullish momentum is still very strong, and we could expect to see a <a href="https://www.financebrokerage.com/eurusd-and-continuation-of-vaccination/">continuation</a> to the $1990 level. Above, we would be tempted to go ahead and test the $2000 level. The previous time, the price of gold was at the $2000 level in May of this year.</p>
<p>We need a negative consolidation and a price pullback below the $1970 level for a bearish option. We had a previous consolidation in that zone before we continued up. A break below could intensify bearish pressure and lower the price of gold. Potential lower targets are $1960 and $1950 levels.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-234677 size-large" src="https://6ztkp25f.tinifycdn.com/wp-content/uploads/2023/10/A3jkKVYp-1024×620.jpg" alt="Gold chart analysis" width="1024" height="620" /></p>
<h2><b>Silver chart analysis</b></h2>
<p>The price of silver is once again climbing above the $23.00 level. We were above that level on Wednesday, after which the price fell to the $22.60 support level. Yesterday, we managed to consolidate at that level and form a bullish consolidation from there. Today’s low price was at $22.85, and that could be a sign for us to climb slowly, and we could see a break above the $23.20 level. Potential higher targets are $23.40 and $23.60 levels.</p>
<p>We need a negative consolidation and pullback to the previous support at the $22.60 level for a bearish option. Additional support at this level could be found in the EMA50 moving average. A price break below would clearly indicate that bearish pressure is increasing, and silver prices will fall. Potential lower targets are $22.40 and $22.20 levels.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-234678 size-large" src="https://6ztkp25f.tinifycdn.com/wp-content/uploads/2023/10/kvxa0S1T-1024×620.jpg" alt="Silver chart analysis" width="1024" height="620" /></p>
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