Started by PocketOption, Oct 11, 2022, 05:15 pm
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During the Asian trading session, the price of gold fell to $1660, thereby confirming the October low. Now we see a minor recovery to $1670 and an attempt by the price to move up from the critical zone. The price of gold could take advantage of the currently weak dollar and climb up to the $1680 level. After that, we need a continuation of the bullish consolidation up to $1685 at 38.2% Fibonacci. Above, we could expect the next major resistance. Potential higher targets could be $1690 and $1700 levels. We need negative consolidation and a drop below the $1660 level for a bearish option. After that, we could expect a further decline and a new October minimum formation. Potential lower targets are $1650 and $1640 levels.
During the Asian session, the price of silver continued to retreat. In the European trading session, the price of silver fell to $19.20, the support level at 61.8% Fibonacci. Silver, like gold, is taking advantage of the current dollar weakness and is moving toward the $19.40 level. For a bullish option, we need a continuation of this positive consolidation and a move towards the $19.60 level at the 50.0% Fibonacci. Then we need to stay above it and try to continue the recovery. Potential higher targets are the $19.80 and $20.00 levels. For a bearish option, we need a continuation of the negative consolidation and a price drop below the $19.20 level. After that, the price of silver would continue its further retreat, looking for better support. Potential lower targets are $19.00, $18.80 and $18.60 levels.
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