Gold and Silver: Gold is looking for support at $1960

• During the Asian trading session, the price of gold continued to retreat.
• Yesterday’s silver price growth was stopped at the $22.71 level.

Gold chart analysis

During the Asian trading session, the price of gold continued to retreat. This morning’s high price was at the $1985 level, from which we see a pullback to the $1962 level. We continue to see pressure on this support zone, and if it does not hold, the price could drop below and test the $1960 level.

The critical zone for staying bullish is $1950-$1955. Because if we break below the price of gold, it could drop drastically. Potential lower targets are the $1940 and $1930 levels. For a bullish option, we need a return of the gold price above the $1985 level. After that, the price would have a new opportunity for a new recovery to higher levels.

Silver chart analysis

Yesterday’s silver price growth was stopped at the $22.71 level. After which, we see a price pullback to the $22.20 level. Silver finds that support and begins a bullish consolidation that brings us back above the $22.60 level. During the Asian trading session, we see a new price pullback, but now only to the $22.35 level.

We can say that the price is in lateral consolidation for the third day already and that there are no more concrete movements on the chart.