Gold and Silver: Gold rises to the $2020 resistance level
- During the Asian trading session, the price of gold was in bullish consolidation until the 2020$ level.
- During the Asian trading session, the price of silver hovered around the $24.00 level.
Gold chart analysis
During the Asian trading session, the price of gold was in bullish consolidation until the 2020$ level. For now, we encounter resistance there and pull back to the $2015 level. The price could drop back down to the $2010 support level from the beginning of the day. We need a negative consolidation and a breakout below for a bearish option.
We should look for the next target and support at the $2000 level. I need positive consolidation and breaking above the $2020 level for a bullish option. Thus, we would climb above the EMA50 moving average, which could strengthen the price of gold for further continuation. Potential higher targets are $2030 and $2040 levels.
Silver chart analysis
During the Asian trading session, the price of silver hovered around the $24.00 level. We managed to partially move away from last week’s low of $23.72. We now have good support at $24.00, and we could expect to see further upside in the price of silver. Potential higher targets are the $24.20 and $24.40 levels.
We need a negative consolidation and a new visit to the previous low for a bearish option. A break below would confirm the continuation of the bearish option, and the potential lower targets are the $23.60 and $23.50 levels.
