Gold and Silver: Metal prices continue a bullish trend
- At the opening of the Asian trading session, the price of gold jumped above the $1,800 level.
- During the Asian trading session, the price of silver was bullish, from $23.75 to $24.00.
Gold chart analysis
At the opening of the Asian trading session, the price of gold jumped above the $1,800 level. The bullish consolidation continued during the European trading session, and we are now within reach of the $1810 level. If the current consolidation continues, we could once again find ourselves in the resistance zone at the $1820 level. We had no success in the previous two attempts to climb above. This would be our third attempt, and maybe we could see a breakout above. If that happens, the potential higher targets are the $1830 and $1840 levels. We need a new negative consolidation and a price pullback below the $1800 level for a bearish option. Additional support from the downside is in the trendline. A price break below could mean we see a stronger decline in the price of gold. Potential lower targets are $1780 and $1770 levels.
Silver chart analysis
During the Asian trading session, the price of silver was bullish, from $23.75 to $24.00. The price of silver grew in the European session, and soon, we reached the $24.20 level. In last week’s attempt to climb above and continue the rise in the price of silver, there was a pullback to the $23.40 level. Now we have another attempt to break above and continue the bullish trend. It is also necessary to stay up there so that an impulse would emerge from the bullish consolidation that would move us up. Potential higher targets are the $24.40 and $24.60 levels. We need a negative consolidation and pullback to this morning’s low at the $23.75 level for a bearish option. A fall below would mean a weening of the silver price and a continuation of the bearish option. Potential lower targets are the $23.60 and $23.40 levels.
