Gold and Silver: Gold is trying to stay above $1950

• This morning’s attempt by the price of gold to start a new bullish impulse was stopped at the $1964 level.
• The price of silver manages to hold above the $22.83-$22.90 support zone for the third day in a row. 

Gold chart analysis

This morning’s attempt by the price of gold to start a new bullish impulse was stopped at the $1964 level. After which, the price began to retreat to the $1948 level. For now, we have support at that level, and the price of gold is returning above the $1950 level. For a bullish option, we need a breakthrough above the $1962 level and the price to remain above it.

With the next bullish impulse and positive consolidation, we could continue with the further recovery of the price of gold. Potential higher targets are the $1968 and $1973 levels. We need a negative consolidation and pullback below the $1948 level for a bearish option. We would then be close to testing yesterday’s support at $1944. Potential lower targets are $1941 and the support zone $1935-$1938.

Silver chart analysis

The price of silver manages to hold above the $22.83-$22.90 support zone for the third day in a row. We have current resistance at $23.00 and need a break above for a potential continuation of the recovery. A jump to $23.20 would push the silver price above this morning’s high and put it in a better position in the continuation.

Potential higher targets are the $23.30 and $23.50 levels. We need a negative consolidation and a price drop below the $22.80 level for a bearish option. Thus, we would fall below the support zone, which could have a negative impact on the price. Potential lower targets are the $22.70 and $22.60 levels.