Gold and Silver: Gold remains above the $1780 level
- During the Asian trading session, the price of gold finds support at the $1780 level.
- During the Asian trading session, the price of silver managed to consolidate around the $23.60 level.
Gold chart analysis
During the Asian trading session, the price of gold finds support at the $1780 level. We see a slight bullish consolidation, and we could quickly find ourselves above the $1790 level. In the continuation, the price of gold would have a new chance to reach the $1,800 level. A breakout of the gold price above would extend the bullish option, and we could see the formation of a new higher high above the $1810 level. For a bearish option, we need a negative consolidation and a pullback of the price below the $1780 support level. A break below takes us to $1770, the next lower support zone. Potential lower targets are $1760 and $1750 levels.
Silver chart analysis
During the Asian trading session, the price of silver managed to consolidate around the $23.60 level. If the current consolidation continues, we could expect a break above and the formation of a new higher high. Potential higher targets are the $23.80 and $24.00 levels. For the bearish option, we need passive consolidation and a silver price drop to support the $23.20 level. A break below could further affect the price and send it into a deeper pullback. We would then look at $23.00 as potential better support that could stop the silver price from falling. Potential lower targets are the $22.80 and $22.60 levels.
