Gold and Silver: Gold in an attempt to return above $2000
- Yesterday, the price of gold formed a new lower low for this week at the $1968 level.
- The price of silver retreated to $24.62 yesterday.
Gold chart analysis
Yesterday, the price of gold formed a new lower low for this week at the $1968 level. Price did not stay there for long because it recovered and jumped to the $1996 level. During the Asian trading session, gold managed to test the $2000 level but failed to break above. We have additional resistance in EMA50 4H moving average. The price starts to pull back again and goes down to $1992. We need a negative consolidation and a continuation of the gold price decline for a bearish option. Potential lower targets are $1980 and yesterday’s low at the $1968 level. We need a positive consolidation and a jump above the $2005 level for a bullish option. Thus, we would again find ourselves above the EMA50 moving average.
Silver chart analysis
The price of silver retreated to $24.62 yesterday. We didn’t stay in that spot for long, and the price returned above the $25.00 level. The price growth has stopped at the $25.37 level. During the Asian trading session, the price of silver once again tested $25.00 and started a new recovery. We see bullish consolidation and a new war above the $25.30 level from that moment. We could now expect a break above yesterday’s high and see the silver price continue to rise. Potential higher targets are the $25.40 and $25.50 levels.