Gold and silver: Gold continues its bullish consolidation
- During the Asian trading session, the gold price jumped again above the $1820 level.
- Yesterday, the price of silver reached the $24.00 level again.
Gold chart analysis
During the Asian trading session, the gold price jumped again above the $1820 level. After which, we see a pullback below the $1812 level. Everything is still taking place in the growing channel, and the price of gold is only consolidating from the lower to the upper line and vice versa.
On Wednesday, the price of gold received support, and since then, we have been in a bullish consolidation with an eye toward the $1830 level. We need a negative consolidation and pullback below the $1810 level for a bearish option. After that, we could expect a drop to $1800, the previous support level. A price break below would indicate a potential weakening of the gold price and a continuation of the bearish option.
Silver chart analysis
Yesterday, the price of silver reached the $24.00 level again. During the Asian trading session, the price moved slightly below that level. If the price of silver manages to hold there, a break above could happen, and the continuation of the bullish option toward higher levels on the chart. Potential higher targets are the $24.20 and $24.40 levels.
For a bearish option, we need a negative consolidation and descent to the previous support zone of $23.40-$23.60. if we break below that zone, we could expect a continuation of the silver price decline. Potential lower targets are the $23.20 and $23.00 levels.