Gold and Silver: Gold is climbing to the $2025 level
- On Friday, the price of gold successfully tested $2000.
- Silver formed a new higher high on Friday at the $26.13 level.
Gold chart analysis
On Friday, the price of gold successfully tested $2000. Gold gets support at that level and starts new growth. During the Asian trading session, the price climbed to the $2025 level, and for now, we are moving in the $2020-$2025 range. For a bullish option, we need a break above $2025 and try to hold above.
After that, we could expect to see a recovery and a return to last week’s levels. Potential higher targets are $2030 and $2040 levels. Additional support for the price in the zone around $2010 is provided by the EMA50 moving average. We need a negative consolidation and a new price pullback to the $2000 support level for a bearish option.
A break below would introduce uncertainty into the chart, which could lead to a drop to lower support levels temporarily. Potential lower targets are the $1990 and $1980 levels.
Silver chart analysis
Silver formed a new higher high on Friday at the $26.13 level. This is the new high price of silver this year. Shortly after that, the price pulls back to support at the $25.20 level. We didn’t stay there for long either, and silver recovered to the $25.60 level.
During the Asian trading session, the price hovered around that level, and such a trend also continued in the EU session. We need a positive consolidation and a move toward the $25.80 level for a bullish option. Then, it is also necessary to maintain up there if we want to see the continued growth of the price of silver.
Potential higher targets are the $26.00 and $26.20 levels.