Gold and Silver: Gold struggles with $2000
- After the pullback of the gold price yesterday to $1983, we see a stop of the fall and a transition to a bullish recovery.
- The price of silver continues to consolidate around the $25.00 level.
Gold chart analysis
After the pullback of the gold price yesterday to $1983, we see a stop of the fall and a transition to a bullish recovery. During the Asian trading session, the price of gold started above the $1995 level, and now we are at the $2000 level. We are back above the EMA50 moving average and need to hold above it to continue the recovery.
Potential higher targets are the $2010 and $2020 levels. We need a negative consolidation and a price pullback below the $1990 level for a bearish option. Potential lower targets are $1980 and $1970 support levels.
Silver chart analysis
The price of silver continues to consolidate around the $25.00 level. Yesterday we had one pullback to the $24.70 level, after which silver began a new recovery. We need a break above $25.10 to move above the EMA50 moving average. Then we need to stay up there in order to consolidate ourselves better and, with the next impulse, to start a further recovery of the price. Potential higher targets are $25.20 and $25.30 levels.
We need a negative consolidation and a price pullback below the $24.90 level for a bearish option. After that, the price would probably continue to pull back. Potential lower targets are the $24.80 and $24.70 levels.
