Gold and Silver: Gold retreats as the dollar rises
- The price of gold fell to $1,824 yesterday, confirming the price from the beginning of the year.
- The price of silver yesterday slipped from the $23.80 level to the $2.10 level.
Gold chart analysis
The price of gold fell to $1,824 yesterday, confirming the price from the beginning of the year. During the Asian trading session, the price of gold managed to recover, but only up to $1840. After that, we see a new pullback to $1835 and increased bearish pressure. We need a negative consolidation and a price pullback below the $1830 level for a bearish option.
With that, we could threaten the previous low and continue the bearish trend. Potential lower targets are $1820 and $1810 levels. We need a positive consolidation and a new breakout above the $1840 level for a bullish option. Then we need to hold up there in order to initiate the continuation of the gold price recovery with the next bullish impulse. Potential higher targets are the $1850 and $1860 levels.
Silver chart analysis
The price of silver yesterday slipped from the $23.80 level to the $2.10 level. We consolidated there during the Asian trading session, and silver recovered to the $23.40 level. We need a continuation of the current positive consolidation for a bullish option. We need to hold above the $23.40 level and try to move to the $23.60 level.
If we manage to climb above, potential higher targets are the $23.80 and $24.00 levels. We need a negative consolidation and a new price pullback below the $23.20 level for a bearish option. We are looking for the next potential support level at $23.00, and a break below that would lead to a further drop in the price of silver. Potential lower targets are the $22.80 and $22.60 levels.
