Gold and Silver: Gold Prices Increases From $1650 to $1660

• During the Asian trading session, gold prices increased from $1650 to $1660.
• In the meantime, the price of silver confirmed yesterday’s high at the $18.95 level.

Gold chart analysis

During the Asian trading session, gold prices increased from $1650 to $1660. The price did not stay there for long, and a new pullback followed again to the $1650 level. For a bullish option, we need better positive consolidation and a new move above the $1660 level. 

After that, we could expect the price of gold to move towards $1670 and thus test yesterday’s previous high. If we manage to hold on to that, the price of gold could rise to the resistance zone of around $1,680. Potential higher targets are $1690 and $1700 levels. 

We need a price drop to the $1640 support level for a bearish option. Then we need a break below and a negative consolidation that would continue the bearish trend. Potential lower targets are $1630 and $1620 levels.

Silver chart analysis

During the Asian trading session, the price of silver confirmed yesterday’s high at the $18.95 level. After that, we see a new pullback to $18.60 and try to find new support there. If we fail to do so, silver could continue its bearish trend. We need a negative consolidation and a further pullback below the $18.60 level for a bearish option. 

After that, we would probably see and test the price again at $18.20 and maybe the $18.00 level. For a bullish option, we need a positive consolidation and a move above $19.00. Then we must hold above and continue the recovery with a new bullish impulse. Potential higher targets are the $19.20 and $19.40 levels.