Gold and Silver: Gold is holding above the $1960 level
- During the Asian trading session, the price of gold managed to stay above the $1860 level.
- The price of silver recently formed a new seven-day low at the $24.45 level.
Gold chart analysis
During the Asian trading session, the price of gold managed to stay above the $1860 level. Additional support for the price is provided by the EMA50 moving average, which for now, does not allow the price to fall below it. This could generate a bullish impulse and trigger a further rise in the price of gold. Potential higher targets are $1970 and $1980 levels.
We need a negative consolidation, a drop below $1960, and below the EMA 50 moving average for a bearish option. This would have the effect of gold continuing to retreat to a lower level. Potential lower targets are $1955 and $1950 levels. Last week, the price of gold retreated to the $1945 level and formed the previous low there.
Silver chart analysis
The price of silver recently formed a new seven-day low at the $24.45 level. Everything revolves around the EMA50 moving average, whether we will get its support or not. If we fall below it again, the price of silver would probably fall to a new low and thus confirm the bearish option. In the following, we would see the price of silver pull back and look for support at lower levels. Potential lower targets are $24.40 and $24.20 level.
We need a positive consolidation and a jump to the $24.80 level for a bullish option. Then, we need to hold on there in order to trigger a further increase in the price of silver. Potential higher targets are $25.00 and $25.20 levels.
