Gold and Silver: Gold jumped to $2020 early this morning
- During the Asian trading session, the price of gold continued the bullish consolidation from yesterday.
- The price of silver jumped to a new high this morning at the $25.41 level.
Gold chart analysis
During the Asian trading session, the price of gold continued the bullish consolidation from yesterday. The price once again climbed above the $2020 level, forming this morning’s high at the $2021 level. We then see a pullback to support at the $2010 level. The price remains above that level for now, and this decline has been stopped. We need a negative consolidation and breaking of this support for a bearish option. Potential lower targets are the $2000 and $1995 levels. Additional support at the $1995 level is the EMA50 moving average. If we think on the bullish side, we need a positive consolidation and a new jump above the $2020 level. Then we need to break above and hold above in order to start further recovery.
Silver chart analysis
The price of silver jumped to a new high this morning at the $25.41 level. The price did not stay up there for long, and the price started a pullback to the $25.04 level. We are now consolidating around $25.10 and trying to hold above that level. We need a positive consolidation for a bullish option to trigger a recovery. Potential higher targets are the $25.30 and $25.40 levels. We need a negative consolidation and a drop to the $25.00 level for a bearish option. A price break below could further lower the price of silver. Potential lower targets are the $24.90 and $24.80 levels.
