Gold and Silver: Gold price resistance at $1760
- During the Asian trading session, the price of gold finds support at the $1740 level and climbs up to the $1750 level.
- Today’s silver price high is at the $21.40 level.
Gold chart analysis
During the Asian trading session, the price of gold finds support at the $1740 level and climbs up to the $1750 level. During the European session, gold continued to grow, and we could climb to the $1760 level. For a bullish option, we need a positive consolidation and a move above the $1760 level. Then we need to try to hold on there and, with the next bullish impulse, start a further recovery of the price of gold. Potential higher targets are $1770 and $1780 levels.
For a bearish option, we need a negative consolidation and price pullback to last night’s support at the $1740 level. A break below would increase the bearish pressure on the price of gold, which would lead to a continuation of the price decline. Potential lower targets are $1730 and $1720 levels.
Silver chart analysis
Today’s silver price high is at the $21.40 level. We can say that we see the formation of a new lower high, and if we fail to move above the $21.40 level, we could see a bigger pullback in the price of silver. For a bearish option, we need a negative consolidation and a price drop to the $21.00 level. Increased pressure at that level could lead to a breakout below, and we could find ourselves again at yesterday’s low at the $20.85 level. Failure to hold above would extend the bearish option.
Potential lower targets are the $20.80 and $20.60 levels. For a bullish option, we need a positive consolidation and a move above the $21.40 level. Then we need to stay above and continue the recovery with a new bullish impulse. Potential higher targets are the $21.60 and $21.80 levels.
