Gold and Silver: Gold is testing the $1980 resistance level
- During the Asian trading session, the gold price managed to maintain above the $1975 level.
- During the Asian trading session, the price of silver moved above the $23.80 level.
Gold chart analysis
During the Asian trading session, the gold price managed to maintain above the $1975 level. With the new bullish impulse, we climbed to the $1980 level and could expect to see a continuation to the $1985 level. If we manage to break above, potential higher targets are the $1990 and $1995 levels.
We need a negative consolidation and a drop below the $1975 support level for a bearish option. After that, the price could pull back to the $1970 level. The larger support zone is around the $1965 level because this is where we encounter the EMA50 moving average.
Silver chart analysis
During the Asian trading session, the price of silver moved above the $23.80 level. We are now very close to moving above the $24.00 level. If we succeed in this, the price of silver could continue with further recovery. Potential higher targets are the $24.10 and $24.20 levels.
We need a negative consolidation and pullback below the $23.80 level for a bearish option. In the continuation of the fall, the first target is $23.60, then $23.40 with the support of the EMA50 moving average.
