Gold and Silver: Gold falls to the $1813 level yesterday
- The price of gold started in October at the $1849 level, and later, we saw a retreat to the $1813 level.
- The price of silver is moving sideways for the fourth day in a row in the $20.66-$21.40 range.
Gold chart analysis
The price of gold started in October at the $1849 level, and later, we saw a retreat to the $1813 level. In the past three days, the price of gold has been moving sideways in the $1813-$1830 range. We still remain in the support zone, which could influence us to start a further retreat and break through the previous support level. Potential lower targets are $1810 and $1800 levels.
We need a positive consolidation move up to the $1830 resistance level for a bullish option. Then we need a break above and try to hold up there. After that, we would form a new bottom from which we would start the continuation of the will to the bullish side. Potential higher targets are $1840 and $1850 levels.
Silver chart analysis
The price of silver is moving sideways for the fourth day in a row in the $20.66-$21.40 range. We are now in the middle of this channel around the $21.00 level. Looking at the bigger picture, the price of silver is in a support zone, and if it stays here for too long, there could be a breakout below and a continuation of the pullback to lower levels. Potential lower targets are $20.40 and $20.20 levels.
We need positive consolidation and a return to the zone around the $21.40 level for a bullish option. Then we need to see a breakout above and stay up there. With the next bullish consolidation, we would start to continue the recovery. Potential higher targets are $21.60 and $21.80 levels. An additional average price could be in the zone around $21.75 in the EMA50 moving average.
