Gold and Silver: the price of gold retreated to the $1990

<div><img width="1000" height="667" src="https://6ztkp25f.tinifycdn.com/wp-content/uploads/2020/12/Gold-and-Silver-jewelery-e1608558537415.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: the price of gold retreated to the $1990</b></h1>
<ul>
<li aria-level="1">During the Asian trading session, the price of gold retreated from $2006 to the $1991 level.</li>
<li aria-level="1">During the Asian trading session, the price of silver consolidated just above the $23.00 support level.</li>
</ul>
<h2><b>Gold chart analysis</b></h2>
<p>During the Asian trading session, the price of gold retreated from $2006 to the $1991 level. Last week’s bullish gold price trend was stopped at $2009. Today, we find support in the zone around the $1990 level, and we see that the price is making the first bullish impulse to the $1996 level.</p>
<p>A return above the $2000 level could push the price to break past the previous high and form a new high. Potential higher targets are the 2010$ and 2015$ levels.</p>
<p>For a bearish option, we need a negative <a href="https://www.financebrokerage.com/consolidation-in-stocks/">consolidation</a> and a drop below the support at the $1990 level. This consolidation would lead to the formation of this week’s new low, and the price would drop into last week’s support zone. Potential lower targets are $1985 and $1980 levels.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-236542 size-large" src="https://6ztkp25f.tinifycdn.com/wp-content/uploads/2023/10/DfcBWLu3-1024×620.jpg" alt="Gold chart analysis" width="1024" height="620" /></p>
<h2><b>Silver chart analysis</b></h2>
<p>During the Asian trading session, the price of silver consolidated just above the $23.00 support level. We now see a breakout above this consolidation to the $23.20 level. We expect a continuation of the $23.30 level.</p>
<p>Last week, we had resistance in that zone, and we need a jump to $23.40 in order to close the bearish gap from the beginning of the previous week. Potential higher targets are $23.50 and $23.60 levels.</p>
<p>For a bearish option, we need a negative consolidation and pullback below the $23.00 support level. After that, we can see the price at the $22.90 level and test the support of the EMA50 moving average there.</p>
<p>A fall below this support would cause us to go into a deeper pullback in the price of silver. Potential lower targets are $22.80 and $22.70 levels.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-236543 size-large" src="https://6ztkp25f.tinifycdn.com/wp-content/uploads/2023/10/8DWpNPkm-1024×620.jpg" alt="Silver chart analysis" width="1024" height="620" /></p>
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