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Gold and silver: The price of gold retreats to $1850

  • On Friday, the price of gold encountered resistance at the $1855 level. 
  • This morning’s silver price high was at $21.30, from where we start a new pullback. 

Gold chart analysis

On Friday, the price of gold encountered resistance at the $1855 level. During the Asian trading session, the price managed to climb up to the $1858 level, and after that, we saw a pullback to the $1850 level. The price is now testing that level, but the current consolidation could make a break below and continue the bearish pullback. Potential lower targets are the $1840 and $1830 levels. For a bullish option, we need a positive consolidation and a return to the resistance zone around the $1860 level. a price breakout above would form a new weekly higher high. Then it is necessary to maintain up there and with a new impulse to start the further recovery of gold. Potentially higher targets are the $1870 and $1880 levels.

Gold chart analysis

Silver chart analysis

This morning’s silver price high was at $21.30, from where we start a new pullback. During the Asian trading session, the price of silver continues to fall below $21.20, and we are now at the $21.10 level. If the current picture continues, the price of silver could soon test the $21.00 level. A break below would have a negative effect on the price, resulting in a further pullback. Potential lower targets are the $20.90 and $20.80 levels. For a bullish option, we need a positive consolidation and a return above $21.30. Then we need to stay up there and, with a new impulse, start the continuation of the recovery. Potential higher targets are the $21.40 and $21.50 levels.

Silver chart analysis

 

 



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