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Gold and Silver: Metal prices are making a retreat today

  • After yesterday’s drop in gold prices from the $1,810 level, the price found support at the $1,765 level this morning.
  • After the formation of a new high yesterday at the $23.50 level, silver prices begin to retreat very quickly; yesterday’s low is 22,20$.

Gold chart analysis

After yesterday’s drop in gold prices from the $1,810 level, the price found support at the $1,765 level this morning. During the Asian trading session, the price of gold managed to hold above that level and move up to the $1775 level. For a more specific recovery, we need to move above the $1780 level. Then with positive consolidation, we could see a potential recovery.

And potential higher targets are the $1820 and $1830 levels. For a bearish option, we need a negative consolidation and a break below the support at the $1760 level. After that, the price could continue to pull back until the next support. Potential lower targets are $1750, $1740, and $1730.

Gold chart analysis

Silver chart analysis

After the formation of a new high yesterday at the $23.50 level, silver prices begin to retreat very quickly; yesterday’s low is 22,20$. During the Asian session, the price of silver stayed above the $22.20 level and continued its recovery to the $22.50 level. Now we need a new positive consolidation that would trigger a new recovery. Then we need to get to the $22.80 level, where we had the previous consolidation. A break above the price would be important because we would have a new chance to start a further recovery.

Potential higher targets are $23.00, $23.20, and $23.40. We need a negative consolidation and price breakout below the $22.20 support level for a bearish option. Such a picture could further shake the price of silver and send it below the $22.00 level. Potential lower targets are the $21.80 and $21.60 levels.

Silver chart analysis

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