Gold and Silver: Gold’s Price Moved to the $1682 Level
- On Friday, the price of gold made a big bullish move to the $1682 level.
- Friday was very bullish for the price of silver, which rose 7.90%.
Gold chart analysis
On Friday, the price of gold made a big bullish move to the $1682 level. During the Asian trading session, the price of gold at one point retreated to the $1,670 level, but soon a new bullish impulse followed, which again raised the price to the $1,680 level. In the previous hours, the price of gold managed to maintain around that level. for a bullish option, we need a break above and hold there. Then, with further positive consolidation, we could expect continued price recovery.
Potential higher targets are $1690 and $1700 levels. For a bearish option, we need a negative consolidation and a retracement of the price below the $1670 level. Then we would be under more pressure, and we could expect a further drop in the price of gold. Potential lower targets are $1660 and $1650 levels.
Silver chart analysis
Friday was very bullish for the price of silver, which rose 7.90%. During the Asian trading session, the price dropped to the $20.40 level; from that level, it started a new bullish impulse to the $20.80 level. To continue the bullish option, we need a positive consolidation and a move toward the $21.00 level. Then we need to hold on above and try to continue the recovery with a new bullish impulse. Potential higher targets are the $21.20 and $21.40 levels.
For a bearish option, we need a negative consolidation and a return of the price below the $20.40 level. After that, we could expect a further price drop. Potential lower targets are the $20.20 and $20.00 levels. At the $20.00 level, the price could have good support because, in the previous period, that level was a strong obstacle for the bullish option.
