Gold and Silver: Gold’s Price Rose To a New Four-Month High
- Today, the price of gold rose to a new four-month high of $1,785.
- The price of silver formed a new higher high at the $22.20 level.
Gold chart analysis
Today, the price of gold rose to a new four-month high of $1,785. We are now seeing a pullback to the $1775 level from that maximum. The price of gold is in a bullish trend throughout November, and we could expect a further continuation until the end of the month. The weak dollar contributed a lot to the increase in prices. For a bullish option, we need a continuation of positive consolidation and a retest of the $1780 resistance level. A price breakout above would be very helpful.
After that, it is necessary for the price to stay up there and start further recovery with a new bullish impulse. Potential higher targets are the $1790 and $1800 levels. For a bearish option, we need a negative consolidation and restraint to the $1760 level. A price drop below would take us down to higher support at the $1750 level. The inability of the price to hold there would lead to a further descent to the next lower support levels. Potential lower targets are $1740 and $1730 levels.
Silver chart analysis
The price of silver formed a new higher high at the $22.20 level. Today, the price broke above the $22.00 level, but the price did not stay there for long, and a pullback to the $21.90 level followed. We are back below $22.00, which could put some pressure on the price. We need a negative consolidation and a drop below the $21.80 level for the bearish option first. After that, the price would enter the previous consolidation zone of $21.40-$21.60.
A drop below would lead to a retest of the previous low at the $21.20 level. And a further drop would bring us down to the $21.00 level. At this level, the price could find more specific support and start a new recovery. For a bullish option, we need positive consolidation and a return to the $22.20 level. Then we need the price to break above and stay up. With the next impulse, we could see a further rise in the price of silver. Potential higher targets are the $22.40 and $22.60 levels.
