Gold and Silver: Gold rose to the $1,990 level on Friday

• The price of gold remains in a strong bullish trend throughout this week.
• The price of silver has been in a strong bullish trend since the beginning of this week with the $22.00 level.

Gold chart analysis

The price of gold remains in a strong bullish trend throughout this week. We started this week at $1938; the current price is $1990. Gold remains in this bullish consolidation, and we could expect to see continued growth to the bullish side. Potential higher targets are $1995 and $2000 levels.

We need a negative consolidation and price pullback to the $1980 support level for a bearish option. A break below would introduce uncertainty into the chart, which would have a negative impact on the price, and we would see a continued pullback to the next lower support. Potential lower targets are $1975 and $1970 levels. The EMA50 moving average can provide us with support in the zone around the $1965 level.

Silver chart analysis

The price of silver has been in a strong bullish trend since the beginning of this week with the $22.00 level. Yesterday, we saw the formation of a new high price at the $24.00 level. This was followed by a pullback to the $23.70 level, where we found support and stopped the pullback. During the last Asian trading session, the price started a bullish consolidation and climbed back to $24.00.

Now, we could expect to see a break above and the formation of a new silver price high. Potential higher targets are $24.20 and $24.40 levels. For a bearish option, we need a negative consolidation and a new pullback to support at the $23.70 level. A break below would lead to the formation of a new low, and thus, we would confirm the bearish primacy on the chart. Potential lower targets are $23.60 and $23.40 levels.