Gold and Silver: Prices continue to rise as the USD falls
- The price of gold fell to $1,725 yesterday. After that, we see a rapid recovery that has continued today.
- The price of silver today continues this week’s bullish trend from the $20.60 level to 21,60$ level.
Gold chart analysis
The price of gold fell to $1,725 yesterday. After that, we see a rapid recovery that has continued today. Today’s high, for now, is at the $1758 level, although the price still has the potential to climb above the $1760 level. For a bullish option, we need a continuation of positive consolidation and a move above the $1760 level.
Then it is necessary to maintain up there and, with the next bullish impulse, continue the recovery toward the next high. Potential higher targets are $1770, $1780, and $1790. For a bearish option, we need inactive consolidation and a pullback of the gold price below the $1750 level. Then we have to stay there below if we want to continue the bearish trend. Potential lower targets are $1740 and $1730 levels.
Silver chart analysis
The price of silver today continues this week’s bullish trend from the $20.60 level to 21,60$ level. We are currently at the $21.60 level, and soon we could expect to see a break above and a continuation towards the previous high. Potential higher targets are the $21.80 and $22.00 levels. For a bearish option, we need a passive consolidation and a pullback of the silver price to the $21.20 level.
A break below could be enough sign to see a deeper price pullback. The next important support is at the $21.00 level, and if it does not hold, we will look for support at the previous low from the beginning of the week at $20.60. If we drop below that level, the silver price could drop to the lower trend line.