Gold and Silver: Gold remains in the zone around $2000
- During the Asian trading session, the price of gold retreated to the $1988 level.
- After the pullback during the Asian trading session, the price of silver is back at the $25.00 level.
Gold chart analysis
During the Asian trading session, the price of gold retreated to the $1988 level. Gold finds support in the EMA50 4H moving average there and starts a bullish recovery. We are now back in the $2000 zone and expect to see continued recovery. We need a positive consolidation and a falcon above the $2010 level for a bullish option. Thus, the price would receive additional support in the EMA50 1H moving average, which would strengthen bullish optimism in the continuation of the recovery. Potential higher targets are $2020 and $2030 levels. We need a negative consolidation and a new drop below the $1990 level for a bearish option. Then the price would fall below the EMA50 4H, which could mean volatility in the price of gold and a possible fall. Potential lower targets are the $1980 and $1970 levels.
Silver chart analysis
After the pullback during the Asian trading session, the price of silver is back at the $25.00 level. Since last Wednesday, the price of silver has failed to move above $25.00 significantly. The most we have seen is a move up to the $25.13 level. We need a break above that price in order to form a new higher high and confirm the possibility of further recovery. Potential higher targets are the $25.20 and $25.30 levels. For a bearish option, we need a negative consolidation and price drop to support the $24.70 level. A break below this support could result in us seeing a drop in the price of silver. Potential lower targets are the $24.50 and $24.25 levels.
