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Gold and silver: Gold jumps to the $2030 level

  • During the Asian session, the price of gold manages to gain support at the 2015$ level.
  • The price of silver yesterday had a very positive day, with a jump to $25.66.

Gold chart analysis

During the Asian session, the price of gold manages to gain support at the 2015$ level. This was followed by a bullish impulse that pushed the price all the way to the $2029 level. For now, that level is an obstacle for us, and the price of gold has retreated to the $2025 level. We are now looking at the 2020$ level as the place of the next potential support. A drop below could see a continuation of the pullback to this morning’s support level at the $2015 level. If we don’t get support there either, the price could continue toward the $2000 level. We need a positive consolidation and price breakout above the $2030 level for a bullish option. Then we need to try to stay above so that we can consolidate ourselves above and continue to grow.

Gold chart analysis

Silver chart analysis

The price of silver yesterday had a very positive day, with a jump to $25.66. In the previous week, we had resistance at $25.00, and yesterday we managed to break above and form a new higher high. After forming a new higher high, the price returned to the $25.05 level. Silver is again supported at that level, and we are starting new growth. During the Asian trading session, the price hovered around the $25.50 level. We now see a new breakout above and are once again above the $25.60 level. Potential higher targets are the $25.70 and $25.75 levels. For a bearish option, we need a negative consolidation and a new pullback to this morning’s low at $25.40. A break below could be considered a continuation of the pullback to psychological support at the $25.00 level.

Silver chart analysis



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