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

<div><img width="1130" height="744" src="https://6ztkp25f.tinifycdn.com/wp-content/uploads/2020/10/gold-and-silver-e1602596593486.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="Gold's price" decoding="async" loading="lazy" /></div><h1><b>Gold and Silver: The price of gold remains above $1980</b></h1>
<ul>
<li aria-level="1">At the beginning of this week, the price of gold began to pull back to support at the $1965 level.</li>
<li aria-level="1">At the market opening last night, we saw a <a href="https://www.financebrokerage.com/what-is-a-bearish-engulfing-candle/">bearish</a> gap in silver prices up to the $23.00 level.</li>
</ul>
<h2><b>Gold chart analysis</b></h2>
<p>At the beginning of this week, the price of gold began to pull back to support at the $1965 level. We quickly got support and started a bullish consolidation from that level, and now we are at the $1979 level. We could soon test the opening price at $1980.90. The breakthrough above would tell us that the price of gold has the strength for further recovery, and the target is the $2000 level. Last week&#8217;s bullish attempt was stopped at the 1997$ level.</p>
<p>We need a negative consolidation and price pullback to the $1965 support level for a bearish option. A break below would form a new weekly low, which could increase bearish pressure and send us lower. Potential lower targets are $1960 and $1950 levels. EMA50 was in the zone around $1930.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-234925 size-large" src="https://6ztkp25f.tinifycdn.com/wp-content/uploads/2023/10/ucyUL1hu-1024×620.jpg" alt="Gold chart analysis" width="1024" height="620" /></p>
<h2><b>Silver chart analysis</b></h2>
<p>At the market opening last night, we saw a bearish gap in silver prices up to the $23.00 level. We successfully tested that level and initiated a bullish consolidation up to $23.25. We need a break above the $23.35 level to get back above the market&#8217;s closing price last week. Potential higher targets are $23.50 and $23.60 levels.</p>
<p>We need a negative consolidation and a new pullback to the $23.00 support level for a bearish option. A pullback below it would bring us down to the $22.80 level, where we would look for support in the EMA50 moving average. A break below this support would also open up space for a deeper pullback in the price of silver. Potential lower targets are $22.60 and $22.40 levels.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-234926 size-large" src="https://6ztkp25f.tinifycdn.com/wp-content/uploads/2023/10/fz8hF2YX-1024×620.jpg" alt="Silver chart analysis" width="1024" height="620" /></p>
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