Gold and Silver: Gold is holding above the $1940 level.
- During the Asian session, the price of gold consolidated around the $1940 level.
- During the Asian trading session, the price of silver continued its retreat, testing support at the $24.10 level.
Gold chart analysis
During the Asian session, the price of gold consolidated around the $1940 level. After that, we see a jump to the $1946 level, where we encounter resistance and make a new pullback to 1942$ level. We could test the $1940 level of support again and maybe see a breakout below and the formation of a new low. Potential lower targets are $1935 and $1930 levels.
We need a positive consolidation and a break above $1946 today’s resistance level for a bullish option. Then, we should maintain ourselves up there and start with a new impulse to continue the recovery. After that, we look at $1952, last week’s high, as the next resistance for the bullish option. Potential higher targets are $1955 and $1960 levels.
Silver chart analysis
During the Asian trading session, the price of silver continued its retreat, testing support at the $24.10 level. Chances are high that we will see a breakout below and the formation of a new weekly low. Additional pressure on the price is created by the EMA50 in the zone around the $24.20 level. Potential lower targets are $24.00 and $23.80 levels.
We need a new positive consolidation and a jump to the $24.40 level for a bullish option. Thus, we would skip today’s high and form a new one. We would also receive support in the EMA50 moving average, which could have a positive impact on further recovery. Potential higher targets are $24.60 and $24.80 levels.
