Economy 11-03-2024 10:12 5 Views

Gold Price Movement: Sideways Around $2180 Level

China Developments and Commodity Gold's Response

Gold Price Movement: Sideways Around $2180 Level 

  • The price of gold rose to $2,195 on Friday.
  • Last week’s silver price high was formed on Friday at the $24.62 level. 

Gold chart analysis

The price of gold rose to $2,195 on Friday. A new all-time high price was formed at that level, and we were close to reaching the $2200 level. After that, the price retreated to the $2170 level and, with new support, recovered to $2180 and closed last week there.

At the start of the Asian trading session, the price moved to $2190 but quickly returned to $2180. We will be looking at a sideways movement around the $2180 level until the US session begins.

We expect an increase in volatility and, therefore, the movement of the price of gold in the US session. Now, the pressure is on the $2177 level, and the price could slip if it cannot be maintained at the current level. Potential lower targets are the $2170 and $2160 levels. With a return above $2180, we return to the bullish side, and then we could think about further growth and recovery.

Gold Chart Analysis

Silver chart analysis

Last week’s silver price high was formed on Friday at the $24.62 level. From that level, the price began to pull back to support at the $24.20 level. We stopped there and stayed above. During this morning’s Asian trading session, the price of silver hovered in the $24.30-$24.50 range. We are still on the bullish side and expect growth as we have support at the EMA50 moving average.

That could push the price back to the $24.60 level and test last week’s high. Potential higher targets are the $24.70 and $24.80 levels. For a bearish option, we need a price pullback below the EMA50 and the $24.30 level. It is the first bearish step, and it would lead to the formation of a new daily low.

This confirms the weakness of the silver price, and we expect further retreat. Potential lower targets are the $24.20 and $24.00 levels.

Silver chart analysis

 

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