Gold and Silver: New low price of gold at the $1860
- The price of gold at the opening of the Asian trading session was at the $1860 level.
- At the beginning of the Asian session, the price of silver falls to the $22.18 level.
Gold chart analysis
The price of gold at the opening of the Asian trading session was at the $1860 level. During the Asian session, the price managed to recover to the $1880 level. At that level, gold encounters resistance and makes a retreat to the $1870 level. for a bearish option, we need a negative consolidation and a retest of support at the $1860 level.
A break below would mean the continuation of the bearish trend and forming a new one-month lower low. Potential lower targets are the $1850 and $1840 levels. For a bullish option, we need a positive consolidation and a break above today’s resistance at the $1880 level. Then it is necessary to maintain up there and with the next impulse to continue the recovery of the price of gold. Potential higher targets are the $1890 and $1900 levels.
Silver chart analysis
At the beginning of the Asian session, the price of silver falls to the $22.18 level. After which, we see a recovery to $22.60, where we encounter new resistance. Silver is making another downward turn, and we are again looking at this morning’s low as potential support. For a bearish option, we need a negative consolidation and a break below all the way to the $22.00 support level.
Thus we would form a new low and confirm the continuation to the bearish side. A potential lower target is the $21.80 level. We need a positive consolidation and a return above the $22.60 level for a bullish option. Then it is necessary to stay up, thereby forming a new bottom, and with the next impulse, we would start the continuation of the recovery of the price of silver. Potential higher targets are the $22.80 and $23.00 levels.
