29 September, chart overview for Gold and Silver

gold

29 September, chart overview for Gold and Silver

Gold chart analysis

Yesterday, the price of gold formed a new two-year low at the $1614 level. Shortly after that, rapid recovery of the price followed, reaching the $1,660 level. During the Asian session, the price makes a pullback to $1640 and finds support there, and starts a new bullish impulse. This level coincides with the 38.2 Fibonacci level. A drop in prices below would probably lead us to further testing the previous low, while for a bullish option, we need a break above the $1660 level and try to hold on there. With a new bullish impulse, the price of gold could recover to the previous high at the $1685 level. We are still in a two-week descending channel, and the price will continue to decline as long as we are in it.

gold-202000929Silver chart analysis

The price of silver managed to recover yesterday, but only up to $19.00, where it encountered new resistance. During the Asian session, we see pullback prices to the $18.50 level. For now, we manage to find little support at that point and hold before the next major impulse. The price of silver did form a new higher low but failed to create a higher high. Based on this, we can expect the silver price to continue falling. If we fail to make a more concrete step above $18.80 at the 38.2% Fibonacci level, the price could start a stronger bearish trend. Our targets are again the previous low at $18.00, then the September low at $17.53. With a bullish option, we need a jump in the price of silver to the 50.0% Fibonacci level at $19.20. If we could do that, we would have a better chance to first stay in the $19.20-$19.60 zone. Then, with a new bullish impulse, the price will make break above and maybe test the $20.00 level.

silver-202000929

The post 29 September, chart overview for Gold and Silver appeared first on FinanceBrokerage.


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