Gold and Silver: Gold continues the bullish trend
- Gold dropped to the $1785 level yesterday.
- During the Asian trading session, the price of silver recovered after falling yesterday to $23.40.
Gold chart analysis
Gold dropped to the $1785 level yesterday. After that, we saw a quick bullish impulse that brought us back above the $1790 level. During the Asian trading session, the recovery continued, and the price was very close to reaching the $1800 level. If the current bullish trend continues, we could see a break above the $1800 level. With the subsequent positive consolidation, the price of gold would rise to higher levels.
Potential higher targets are the $1810 and $1820 levels. For a bearish option, we need a negative consolidation and a new drop below the $1790 level. Then we could pay attention to the support line, and a break below it would signify a further bearish trend. Potential lower targets are $1780 and $1770 levels.
Silver chart analysis
During the Asian trading session, the price of silver recovered after falling yesterday to $23.40. During Asia, we broke above $23.60 and are now within reach of the $23.80 level. For a bullish option, we need a continuation of positive consolidation to the $24.00 level. A break above would benefit us because we could expect the price to continue the bullish trend.
Potential higher targets are the $24.20 and $24.40 levels. For the bearish option, we need a negative consolidation and price drop below yesterday’s support level of $23.40. After that, the price could start with a pullback to the next support. Potential lower targets are the $23.20 and $23.00 levels.