Economy

Gold Price Drops Below $1990 – What to Expect Next?

Gold Price Drops Below $1990 – What to Expect Next?

The price of gold fell yesterday after the news about US inflation from $2030 to $1990 level.
On Monday, the price of silver rose to the $23.07 level, forming this week’s high.

Gold chart analysis

The price of gold fell yesterday after the news about US inflation from $2030 to $1990 level. During the Asian trading session, we stayed low in that zone. The price slides down to the $1986 level in the EU session. Gold continues to be under pressure, and we could see it below today’s low. Potential lower targets are $1985 and $1980 levels.

We need a positive consolidation and a move above the $1995 level for a bullish option. Then we also need to stay up there in order to start a bullish consolidation from there and start a recovery. Potential higher targets are $2000 and $2005 levels.

Silver chart analysis

On Monday, the price of silver rose to the $23.07 level, forming this week’s high. From there, we start pulling back the price to $22.50. A new bullish consolidation has brought us to the $22.90 level, where we encounter resistance: US inflation data has pushed the price of silver down to the $22.00 level. During the Asian trading session, the price remained low, and later, we saw the formation of a new low at the $21.91 level.

The pressure on the price of silver continues, and the potential lower targets are $21.80 and $21.70. We need to move above the $22.10 level for a bullish option. With that, we would break through the Asian level resistance and ease the way for a new bullish consolidation and recovery. Potential higher targets are the $22.20 and $22.30 levels.

The post Gold Price Drops Below $1990 – What to Expect Next? appeared first on FinanceBrokerage.

You May Also Like

Editor's Pick

Source: Ark Invest / Instagram ARK Investment Management, led by prominent investor Cathie Wood, has reduced its holdings in the Grayscale Bitcoin Trust (GBTC)...

Latest News

A super PAC that has overseen much of Ron DeSantis’s presidential operation has fired its CEO less than two weeks after the previous chief...

Latest News

WINDHAM, N.H. — It’s pouring rain Saturday morning as New Hampshire Gov. Chris Sununu (R) arrives at Mary Ann’s diner in Windham, fielding calls...

Stock

Popeyes is expanding its menu beyond chicken sandwiches — and it’s a permanent change this time. The fast-food chain announced Wednesday it’s adding five...

Disclaimer: Incomeinnovatorhub.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2024 incomeinnovatorhub.com