Gold and Silver: Metal prices are today at support levels
- In the last two days, the gold price was moving in the range of $1760-$1780.
- During the Asian trading session, the price of silver hovered around the $22.20 level.
Gold chart analysis
In the last two days, the gold price was moving in the range of $1760-$1780. The price of gold is stable for now and moving in a lateral consolidation. This week’s gold price high was at $1810, after which we saw a bearish impulse and price pullback. For a bearish option, we need a negative consolidation and a price drop below the $1760 level. We could have potential next support at $1750 instead of last week’s consolidation.
A break below could initiate a stronger bearish trend. Potential lower targets are $1740 and $1730 levels. For a bullish option, we need a positive consolidation and a move above the $1780 level. Then we need to keep up there so that we have a chance to continue the recovery. Potential higher targets are $1790 and $1800, as well as the previous high from the beginning of the week at the $1810 level.
Silver chart analysis
During the Asian trading session, the price of silver hovered around the $22.20 level. In the European session, we see a small recovery to the $22.35 level, and we need a stronger bullish impulse in order to start a new recovery. If we see that move, we could revisit the area of resistance from the beginning of the week. Potential higher targets are the $22.80 and $23.00 levels.
For a bearish option, we need a passive consolidation and a return to the support zone around the $22.00 level. A drop below could extend the bearish option to the next lower support. Potential lower targets are the $21.80 and $21.60 levels.