Gold and Silver: The price of gold is back below $1850
- During the Asian trading session, gold could not break above the $1850 level.
- During the Asian trading session, the price of silver retreated below the $21.00 level.
Gold chart analysis
During the Asian trading session, gold could not break above the $1850 level. It was followed by a pullback and withdrawal to the $1842 level. If this kind of consolidation continues, the price of gold could test the $1840 level. Additional price support at that level is in the EMA 50 moving average. A fall below it could further increase bearish pressure and lower the price of gold. Potential lower targets are $1830 and $1820 levels. We need a positive consolidation and a return above the $1850 level for a bullish option. Then we need to hold there in order to try to retest the previous high at the $1858 level. Potential higher targets are the $1860 and $1870 levels.
Silver chart analysis
During the Asian trading session, the price of silver retreated below the $21.00 level. An attempt to move up to the $21.20 level failed, and the price began to pull back. We are now looking at $20.90 as the first support. A break above would mean a continuation of negative consolidation and a pullback to the $20.80 level and possibly to the $20.70 support level. Last week’s low price of silver was at the $20.40 level. We need a new positive consolidation and a return above the $21.00 level for a bullish option. Then we need to stay up there so that we can consolidate and start the continued recovery. Potential higher targets are the $21.20 and $21.30 levels.
