Gold and Silver: Metal prices are in a slight decline
- During the Asian trading session, the price of gold moved above the $1750 level.
- Yesterday’s silver price decline stopped at the $20.80 level.
Gold chart analysis
During the Asian trading session, the price of gold moved above the $1750 level. Today’s high was at the $1767 level, and now we see new pressure that could further lower the price of gold to better support. For something like that, we need a negative consolidation and breaking through the support at the $1750 level.
After that, we could expect a further drop in the price of gold. Potential lower targets are $1740 and $1730 levels. For a bullish option, we need a breakthrough above the $1770 level and to maintain it there so that with a new positive consolidation, we can continue the recovery first to $1780, the previous high. Potential higher targets are the $1790 and $1800 levels.
Silver chart analysis
Yesterday’s silver price decline stopped at the $20.80 level. After that, the price began to recover. During the Asian trading session, the price rose above the $21.00 level, and then we saw the formation of the current high at the $21.30 level. For a bullish option, we need a continuation of this positive consolidation and a move to the $21.40 resistance level.
A break above would be of great benefit to us because we would form a new stable bottom from which we could continue the rise in the price of silver. Then we would be in a better situation to try to reach the previous resistance zone. Potential higher targets are the $21.80 and $22.00 levels.