Gold and silver: Silver is again close to the $22.00 level

• The price of gold is still in the $1860-1880 range today. 
• During the Asian trading session, the price of silver encountered resistance at the $22.40 level.

Gold chart analysis

The price of gold is still in the $1860-1880 range today. We can say that the pressure on the price is still present and that we could revisit the support zone at the $1860 level. For a bearish option, we need a break below that level, which would mean we will see a new lower low formation. Potential lower targets are the $1850 and $1840 levels.

We need a positive consolidation and a break above the $1880 level for a bullish option. If we were to succeed in that, it would be desirable to hold on to that error and, with a new bullish impulse, start the continuation of the price recovery. Potential higher targets are the $1890 and $1900 levels.

Silver chart analysis

During the Asian trading session, the price of silver encountered resistance at the $22.40 level. We are now once again looking at the $22.15 support level. There is an increasing chance that we will see a break below and a test of the $22.00 level. If the pressure continues, a further decline in the price of silver is the expected sequence of events.

Potential lower targets are the $21.80 and $21.60 levels. We need a positive consolidation and a price jump above the $22.50 level for a bullish option. This would ease the pressure, and with the next bullish impulse, we could see a continuation of the rise in the price of silver. Potential higher targets are the $22.60 and $22.80 levels.