Gold and Silver: Metal prices recover on Monday
- During the Asian trading session, the price of gold goes above the $1750 level again.
- During the Asian trading session, the price of silver with a bullish impulse rises to last week’s high of $21.60.
Gold chart analysis
During the Asian trading session, the price of gold goes above the $1750 level again. For now, we manage to stay above that level and start further recovery. The price is already at the $1760 level and could continue toward last week’s high. For something like that, we need a continuation of positive consolidation and a move to the next $1770 level.
Moving above, we have a good chance to retest last week’s resistance zone of $1780-$1785. For a bearish option, we need negative consolidation and price pullback below this morning’s support level. After that, we could see increased bearish pressure, which would mean a further drop in the price of gold. Potential lower targets are $1740 and $1730 levels.
Silver chart analysis
During the Asian trading session, the price of silver with a bullish impulse rises to last week’s high of $21.60. For further continuation of price growth, we need a positive consolidation and a move above the $21.60 level. After that, it is necessary to maintain up there and, with a new bullish impulse, start the continuation of the bullish option.
Potential higher targets are the $21.80 and $22.00 levels. For a bearish option, we need a negative consolidation and price pullback to this morning’s support at the $21.00 level. A break below would mean we could see a continuation of the decline in the price of silver. Potential lower targets are the $20.80 and $20.60 levels.
