Gold and Silver: Gold is looking for new support at $1960
- During the Asian trading session, the price of gold finds support at the $1955 level.
- During the Asian trading session, the price of silver almost retreated to the $24.00 level.
Gold chart analysis
During the Asian trading session, the price of gold finds support at the $1955 level. At that point, the price stopped falling and began recovering to $1,960. Now we need to maintain ourselves at that level in order to start further growth and recovery. Additional support could be found in the EMA50 moving average, which we are now testing at the $1960 price. Potential higher targets are the $1965 and $1970 levels.
We need a negative consolidation and a drop below this morning’s low at the $1955 level for a bearish option. We could then test the $1950 support level, but below, there is a higher chance that we will visit the previous support zones. Potential lower targets are $1945 and $1940 levels.
Silver chart analysis
During the Asian trading session, the price of silver almost retreated to the $24.00 level. For now, we remain above and are recovering slightly to the $24.20 level. We fail to break above, and the price stops in the recovery and consolidates at that level. We need a break above to move forward, and potential higher targets are the $24.30 and $24.40 levels.
We need a negative consolidation and a drop below the $24.00 support level for a bearish option. After that, the price could pull back deeper, looking at last week’s growth’s previous strength and speed. Potential lower targets are the $23.90 and $23.80 levels.
