Gold and Silver: Gold and support at the $1975 level
- During the Asian session, the price of gold was maintained around the $1,980 level.
- The price of silver is on its way to climbing to the $24.00 level.
Gold chart analysis
During the Asian session, the price of gold was maintained around the $1,980 level. As the European sessions began, there were bigger movements on the chart. And the causes are EU inflation and UK GDP. The price of gold has very good support at the $1973 level, which could positively affect the further development of events.
We need a break above the $1985 level for a bullish option. Then we need to hold on there in order to see a potential further continuation of the rise in the price of gold. Potential higher targets are the $1988 and $1995 levels. The lower support levels for the price of gold are the $1968 and $1962 levels.
Silver chart analysis
The price of silver is on its way to climbing to the $24.00 level. During the Asian session, silver was maintained at the $23.90 level. Then followed a pullback to $23.70, where the price finds support and begins a new rally. We are already at $23.93 and close to $24.00.
We need a negative consolidation and a new drop to the $23.70 support level for a bearish option. After that, we could expect to see further price pullbacks. Potential lower targets are the $23.50 and $23.30 levels. Later in the US session, we will have news of the Core CPI, which could cause more swings on the dollar-denominated commodity price chart.
