Gold and Silver: Gold is currently stable above $1960
- The price of gold retreated this morning to the $1,955 level.
- During the Asian trading session, the price of silver continued its previous bullish trend.
Gold chart analysis
The price of gold retreated this morning to the $1,955 level. After which, the fall stopped, and gold reached support at that level. With the positive consolidation, the price of gold rose to the $1970 level, and now we are consolidating around the $1967 level. Positive for the price is that it has support in the EMA20 and EMA50 moving averages. Potential higher targets are the zone 1973$-1975$, then 1980$-1982$. For a bearish option, we need a negative consolidation and a pullback to this morning’s support at 1955$. A drop below would mean a possible further pullback. Potential lower targets are $1948 and $1942 levels.
Silver chart analysis
During the Asian trading session, the price of silver continued its previous bullish trend. We managed to break above the $23.50 level and are now very close to reaching the $23.70 level. It is very important that we manage to stay above $23.50 because we would create a good basis for a further bullish trend. Potential higher targets are the $23.80 and $24.00 levels.
We need a negative consolidation and a price pullback below the $23.50 level for a bearish option. After that, we could see a further pullback to the $23.30 level. There, the price would already fall below the EMA20, which would put additional pressure on the price. Potential lower targets are the $23.10 and $23.00 levels.
