Gold and Silver: Gold is looking for support at $1820
- The price of gold continues to press the $1820 support level.
- During the Asian trading session, the price of silver hovered around the $21.50 level.
Gold chart analysis
The price of gold continues to press the $1820 support level. And they all seem to be able to see a breakout below today and the formation of a new lower low for this month. Potential lower targets are $1810 and $1800 levels. If we manage to hold above the $1820 level, we could see the start of a bullish trend.
We need a new positive consolidation and a return above the $1830 level. Then we need to stay up there and, with a new bullish impulse, start the recovery and price growth. Potential higher targets are the $1840 and $1850 levels.
Silver chart analysis
During the Asian trading session, the price of silver hovered around the $21.50 level. Today we see that there are no major price fluctuations on the chart, and the reason is that everyone is waiting for news from the American market about GDP for the fourth quarter.
If the dollar strengthens, the price of silver could retreat to the previous support at the $21.20 level. Depending on the pressure at that level, a break below could occur and a further decline in the price of silver to the $21.00 support level. We need a positive consolidation and a return above the $22.00 level for a bullish option. If we succeed in that, then we will have a good chance to start the continuation of the recovery.
