Gold and silver: gold is getting closer to the $1800 level
- During the Asian trading session, the price of gold falls to the $1806 level.
- The price of silver fell to the $20.54 level this morning.
Gold chart analysis
During the Asian trading session, the price of gold falls to the $1806 level. Since then, we have seen little progress to the $1811 level, where we are now. We need a move above the $1815 level in order to try to reach the $1820 level. Last week the $1820 level was solid support for us and resisted bearish pressure until Friday when a breakout below occurred.
If we managed to climb above it, we would have a chance to move up to the $1830 level. We need a negative consolidation and a break below the support at the $1806 level for a bearish option. In the continuation, we would probably fall to the $1800 level, and there we would try to look for the next support.
Silver chart analysis
The price of silver fell to the $20.54 level this morning. The bearish trend from last week continued today. Today’s high was at $20.80, and for now, we cannot break above it. On the contrary, silver makes a new pullback and then turns to this morning’s low. A break below would mean forming a new lower low and continuing the bearish option.
Potential lower targets are the $20.50 and $20.40 levels. We need a new positive consolidation and a jump to the $20.80 level for a bullish option. Then it is necessary to keep up there and, with a new impulse, start the growth of the price of silver. Potential higher targets are the $20.90 and $21.00 levels.
