Gold and Silver: Gold is back above $2000 again
- The price of gold yesterday continued its retreat from last week’s high.
- The price of silver was again below the $25.00 level yesterday.
Gold chart analysis
The price of gold yesterday continued its retreat from last week’s high. The price fell to the $1980 level, where it gained support and initiated a new bullish consolidation. During the Asian session, the price bounced back to the $2000 level, and we are now consolidating around that level. We need a positive consolidation and a move to the $2010 level for a bullish option. After that, we need to stay up there in order to start further recovery with the next impulse. Potential higher targets are $2020 and $2030 levels. We need a negative consolidation and the first pullback below the $2000 support level for a bearish option. We could see a further pullback to the $1990 level before visiting yesterday’s low at the $1980 level.
Silver chart analysis
The price of silver was again below the $25.00 level yesterday. The decline was stopped at the $24.78 level. After that, the price consolidated at that place and gained support at $24.90, and we see continued recovery. During the Asian trading session, the price of silver returned above the $25.00 level, and today’s high was at the $25.20 level. For a bullish option, we need a continuation of positive consolidation and a break above $25.20 to $25.30. Then we need to hold up there before we see a continuation of the silver price recovery. Potential higher targets are the $25.40 and $25.50 levels.
