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Gold and Silver: Sign of further Price Pullback

  • During the Asian trading session, the price of gold hovered around the $1,710 level.
  • The price of silver retested the $20.00 level yesterday and started a new bullish impulse but only reached the $20.80 level.

Gold chart analysis

During the Asian trading session, the price of gold hovered around the $1,710 level pending the US unemployment report and the NFP report. On the lower side, the important level for us is $1700, and if we see a drop below that, it could be a sign of further price pullback. Potential lower targets are $1690 and $1685 levels. We need a positive consolidation to the 1730 resistance level for a bullish option. If the price could manage to stay up there, it would have a good chance to continue this October recovery with a new bullish impulse. Potential higher targets are the $1740 and $1750 levels.

Gold chart analysis

Silver chart analysis

The price of silver retested the $20.00 level yesterday and started a new bullish impulse but only reached the $20.80 level. During the Asian session, the price of silver did not manage to break above but moved in the range of $20.40-$20.80. It is evident that everyone is waiting for the NFP report and unemployment from the US market. We need a positive consolidation and a jump above the $21.00 level for a bullish option. After that, while staying at that level, the price of silver could continue its bullish impulse. Potential higher targets are the $21.50 and $21.75 levels. We need a negative consolidation and a new price decline to the $20.00 level for a bearish option. If we were to break through that support level, the price of silver could fall further and form a new lower low. Potential lower targets are the $19.50 and $19.25 levels.

Silver chart analysis



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