Gold and Silver: Gold struggles with support at $1930
- The price of gold has been consolidating for two days in the $1930-$1940 range.
- During the Asian trading session, the price of silver continued the bearish trend from earlier.
Gold chart analysis
The price of gold has been consolidating for two days in the $1930-$1940 range. During the Asian trading session, we saw continued sideways movement in the price of gold. For now, the price manages to hold above the $1930 level and could rise again to the $1940 resistance level. We need a break above that level for the continued bullish side and our try to hold above.
Potential higher targets are $1945 and $1950 levels. We will have additional pressure on the price in the zone around the $1950 level in the EMA50 moving average. We need a negative consolidation and a breakout below for a bearish option. After that, we will see the formation of a new low and a drop in the price to lower levels. Potential lower targets are the $1925 and $1920 levels.
Silver chart analysis
During the Asian trading session, the price of silver continued the bearish trend from earlier. A new low was formed at the $23.36 level. For now, we have managed to stay above that level and stop further decline. Now, we need a positive consolidation and a move above the $23.50 level.
Then, we need to maintain our position above and start the recovery with a new impulse. Potential higher targets are $23.75 and $24.00 levels. Additional resistance bullish option we will have in the EMA50 moving average in the $24.20 zone.
We need negative consolidation and a drop below this morning’s low for a bearish option. After that, we can expect a further decline and a visit to lower support levels. Potential lower targets are $23.20 and $23.00 levels.