Gold and Silver: Gold price at $1730 support level
- The price of gold continues to hold above the $1730 support level.
- During the Asian trading session, the price of silver manages to find support at $21.00 and initiate a minor recovery.
Gold chart analysis
The price of gold continues to hold above the $1730 support level. During the Asian trading session, there were no significant movements in the price of gold. Further pressure on the support zone is also noticeable, and the price could easily break below. This would allow us to continue the bearish trend that started last week.
We need a break below this support level for further continuation. Then we could expect the price to continue to the next lower support in the $1700-$1710 zone. This is where we could expect the next swing in the price of gold if we go down there. For a bullish option, we need a positive consolidation and a move above the $1750 level. Then we have to stay there, and with a new bullish impulse, we would continue the recovery towards the previous high of last week. Potential higher targets are the $1760 and $1770 levels.
Silver chart analysis
During the Asian trading session, the price of silver manages to find support at $21.00 and initiate a minor recovery. We are currently testing the $21.20 level and need a break above to continue the bullish trend. If we succeed in this, the price will recover further with a new bullish impulse. Potential higher targets are the $21.40 and $21.60 levels.
For a bearish option, we need a negative consolidation and a new price pullback to the $21.00 level. A price breakout below would add bearish pressure on the price of silver. So we would probably see the price drop to the previous low at the $20.60 level. Potential lower targets are the $20.40 and $20.20 levels.