Gold and Silver: Gold is testing support at $1,820
- During the Asian session, the price of gold continued to trade around the $1,820 level.
- The price of silver is getting closer to the $21.00 level.
Gold chart analysis
During the Asian session, the price of gold continued to trade around the $1,820 level. The pressure on the price is still very present, and the chances are increasing that we could see a price break below and the formation of a new lower low. Potential lower targets are $1810 and $1800.
The current picture of the chart and the price of gold is affected by the dollar index, which continues to rise. If we are considering a bullish option for gold, we need a price jump above the $1830 level. Then we need to stay up there and start the recovery with the next impulse. Potential higher targets after that are the $1840 and $1850 levels.
Silver chart analysis
The price of silver is getting closer to the $21.00 level. During the Asian trading session, the price continued bearish consolidation. We could soon touch the $21.00 level and thus form a new three-month low. After that, we should pay attention to the consolidation in that zone because it could determine the future trend.
A break below would continue the current bearish trend. Potential lower targets are the $20.80 and $20.60 levels. We need a positive consolidation and a return above the $21.40 level for a bullish option. Then we need to stay up there in order to start a new bullish recovery. Potential higher targets are the $21.60 and $21.80 levels.
