Gold and Silver: minor recovery compared to yesterday
- During the Asian trading session, the price of gold was stable above the $1800 level.
- The price of silver yesterday consolidated and formed a new bottom at the $23.40 level.
Gold chart analysis
During the Asian trading session, the price of gold was stable above the $1800 level. We saw a minor price recovery to the $1810 level. For now, we have resistance at that point, and the price of gold is retreating to the $1805 level. Market volatility is very weak, and we could expect a sideways movement in the gold price. The bigger picture is that we have been in a bullish trend since November after the US janitor started to weaken. Perhaps the price of gold could once again visit the $1820 level by the end of the year.
Silver chart analysis
The price of silver yesterday consolidated and formed a new bottom at the $23.40 level. During the Asian trading session, the price of silver started a recovery, and now we are already at the $23.80 level. If the current consolidation continues, we could revisit the $24.00 level. The future movement of the silver price will also depend on the consolidation in that place.
If we see a break above, we will see a continuation of the recovery, and the targets are the $24.20 and $24.40 levels. For a bearish option, we need to break below the $23.40 support level.
