Gold and Silver: Gold, a new high for the week at $1824
- During the Asian trading session, gold prices exceeded the $1820 level.
- During the Asian trading session, the price of silver is maintained around the $24.00 level.
Gold chart analysis
During the Asian trading session, gold prices exceeded the $1820 level. Today, gold holds above the $1810 level, and we have support at that level. This morning’s high was at the $1824 level, so we confirmed last week’s high. We need a breakout of the gold price above the $1820 level for a bullish option. Then we must stay up there and continue the bullish consolidation toward higher levels.
Potential higher targets are the $1830 and $1840 levels. We need a negative consolidation and price pullback below the $1810 level for a bearish option. With that, we would try to threaten the support at the $1800 level. And a break below would extend further decline. Potential lower targets are $1790 and $1780 levels.
Silver chart analysis
During the Asian trading session, the price of silver is maintained around the $24.00 level. This was followed by a bearish impulse that is now pushing the price of silver down. We have already broken below the $23.80 level and are continuing toward the $23.60 level. To continue the bearish option, we need inactive consolidation and further descent to lower levels. Potential lower targets are the $23.40 and $23.20 levels.
For a bullish option, we need a positive consolidation and a move above the $24.00 level. Then we must stay up there, and continue the silver price recovery with the next bullish impulse. Potential higher targets are the $24.20 and $24.40 levels.
