Gold and Silver: Gold has stabilized above the $1980 level
- During the Asian trading session, the price of gold fell to support at the $1977 level.
- During the Asian session, the price of silver consolidated around the $24.00 level.
Gold chart analysis
During the Asian trading session, the price of gold fell to support at the $1977 level. After which, we see a consolidation at that level and the start of a bullish consolidation with support in the EMA20 moving average. The price of gold is rising to the $1985 level, where for now, we are encountering resistance with new support at the $1980 level. If today’s consolidation continues, the price of gold could continue toward the $1990 level.
Yesterday we managed to climb to that level, but we didn’t have the strength to stay up there. We need negative consolidation and price pullback to the $1975 level for the bearish option. Thus, the price would drop below the previous support, and we would probably see a further decline. Potential lower targets are the $1970 and $1965 levels.
Silver chart analysis
During the Asian session, the price of silver consolidated around the $24.00 level. And such movement continued in the European trading session. For a bullish option, we need a continuation of positive consolidation and a price move to the $24.20 level. So we would test yesterday’s high and maybe see a break above.
Potential higher targets are the $24.30 and $24.40 levels. For a bearish option, we need a negative consolidation to lower the price to the $23.80 support level. A price drop below could introduce uncertainty into further recovery, leading to a continuation of the bearish pullback. Potential lower targets are the $23.70 and $23.60 levels.
