Gold and Silver: The gold is again at the $1950 level
- The price of gold rose above the $1,950 level again after almost a year.
- During the Asian trading session, the price of silver climbed above the $24.00 level.
Gold chart analysis
The price of gold rose above the $1,950 level again after almost a year. During the Asian session, the price of gold touched the $1960 level. We are now at $1955, and the price is still highly positioned. We need a continuation of the positive consolidation that would make a breakthrough above the $1960 level.
Then we would have to try to hold above if we want to see further growth in the price of gold. Potential higher targets are the $1970 and $1980 levels. We need a negative consolidation and a drop below the $1950 level for a bearish option. Potential lower targets are the $1940 and $1930 levels.
Silver chart analysis
During the Asian trading session, the price of silver climbed above the $24.00 level. The price continues the bullish trend during the European session and forms a new high at the $24.30 level. If the current impulse continues, the price of silver should conquer higher levels on the chart. Potential higher targets are the $24.40 and $24.50 levels.
We need a negative consolidation and a retest of the $24.00 level for a bearish option. A break below would mean a potential weakening in the price of silver. Potential lower targets are the $23.90 and $23.80 levels.
