Gold and Silver: Gold falls below the $1990 level
- During the Asian trading session, the price of gold managed to test the $2000 level.
- During the Asian trading session, the price of silver jumps to $25.40.
Gold chart analysis
During the Asian trading session, the price of gold managed to test the $2000 level. Very quickly, we found resistance at that level, and the price of gold starts to retreat. Today’s low is at the 1987$ level, and for now, we are moving around that level. We can say that today we are in a bearish trend and that we could expect a continuation of the pullback.
Potential lower targets are the $1980 and $1975 levels. We need a new positive consolidation and a return above the $2000 level for a bullish option. Then it is necessary to stay above and, with the next impulse, start further recovery. Potential higher targets are $2005 and $2010 levels.
Silver chart analysis
During the Asian trading session, the price of silver jumps to $25.40. After that, silver encounters resistance at that level and begins to pull back. We are currently testing the $25.00 level, and if today’s trend continues, the price of silver could fall below and form a new low today. Potential lower targets are $24.80 and $24.60 support levels.
We need to get back above the $25.20 level for a bullish option. Then we need to hold the above in order to consolidate and start further recovery. Potential higher targets are the $25.40 and $25.50 levels.
