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Gold and Silver: Up or Down?

Started by PocketOption, Oct 07, 2022, 04:16 am

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PocketOption

Gold and Silver: Up or Down?

gold and silver

Gold and Silver: Up or Down?



  • The price of gold stopped at the $1730 level yesterday, and since then, we have been consolidating in the $1700-1730 range.

  • During the Asian trading session, the price of silver fell to support the $20.00 level.


Gold chart analysis


The price of gold stopped at the $1730 level yesterday, and since then, we have been consolidating in the $1700-1730 range, oscillating around the 50.0% Fibonacci level. The dollar index stabilized and stopped the growth of the gold price. To continue the bullish option, we need a positive consolidation and a move above the $1735 level. We have additional resistance in the 61.8% Fibonacci level and the upper trend line. A break above would be of great help to further price recovery. Potential higher targets are the $1740 and $1750 levels. We need a negative consolidation and a drop to the $1700 support level for a bearish option. After that, we could expect the price of gold to drop to $1,690 at the 38.2% Fibonacci level.


Gold chart analysis


Silver chart analysis


During the Asian trading session, the price of silver fell to support the $20.00 level. After that, we see a new recovery to the $20.80 level, where we stop for now and make a new pullback to $20.40. Basically, we are now in consolidation after the price of silver formed a new higher high at the $21.23 level. We need another drop to $20.00 for support to continue the bearish option. This support coincides with the 38.2% Fibonacci level. A break below the price could further lower us, and the target is 61.8% Fibonacci. We need to consolidate above the $21.00 level for a bullish option. Then we could test the previous high and maybe make a break above. A potential higher target is the $21.50 level.


Silver chart analysis


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