Gold and silver: Gold price on the way to $1800
- During the Asian trading session, the price of gold continues to retreat.
- During the Asian trading session, silver prices continue to retreat below the $21.40 level.
Gold chart analysis
During the Asian trading session, the price of gold continues to retreat. The price forms a new lower low at the $1817 level. After that, we see a slight recovery above $1820, but only up to the $1828 level, because soon, a new bearish pressure on the price starts. We are now looking at the $1820 level of support, but there is a good chance that we will see a break below and a new low formed.
Potential lower targets are $1810 and $1800 levels. We need a positive consolidation and a return to the $1840 movement zone for a bullish option. After that, with positive consolidation, we could expect to see a potential recovery.
Silver chart analysis
During the Asian trading session, silver prices continue to retreat below the $21.40 level. The decline continued all the way to the $21.20 level, and we are now testing support at that level. Too much pressure could create a breakout below and send the price of silver to a new low. Potential lower targets are the $21.00 and $20.80 levels.
We need a positive consolidation and a return above the $21.60 level for a bullish option. This would allow us to move out of the uncomfortable zone. Then we need to stay above if we want to see silver prices continue to rise.
