Gold and Silver: Gold is holding above $1830 for now
- During the Asian trading session, gold traded at around $1,830.
- For the third day in a row, the price of silver hovers around the $20.00 level.
Gold chart analysis
During the Asian trading session, gold traded at around $1,830. Now we see a minor bullish recovery to the $1835 level, and we need a break above the $1840 level for further continuation toward the previous high. Today’s unemployment news and the NFP report could influence the future movement of the gold price.
Potential higher targets are the $1850 and $1860 levels. For a bearish option, we need a negative consolidation and a price pullback below $1830. After that, price pressure would increase, and gold could easily slip to lower levels. Potential lower targets are $1820 and $1810 levels.
Silver chart analysis
For the third day in a row, the price of silver hovers around the $20.00 level. We just had a short bearish impulse to the $19.88 level, but the price quickly returned to the initial position at the $20.00 level. If the consolidation at this level continues, a break below could easily occur, and the price of silver will continue to fall.
Potential lower targets are the $19.80 and $19.70 levels. We need a positive consolidation and a price rise above the $20.20 level for a bullish option. That would get us out of the uncomfortable zone, at least briefly. We also need to maintain our position up there in order to initiate a further price recovery with a new bullish impulse. Potential higher targets are the $20.30 and $20.40 levels.