Gold and silver: The gold is maintained around $2020
- During the Asian trading session, the price of gold retreated to support the 2008$ level.
- The price of silver continues to consolidate around the $25.00 level.
Gold chart analysis
During the Asian trading session, the price of gold retreated to support the 2008$ level. Afterward, gold consolidated and started a bullish recovery to the 2020$ level. For a bullish option, we need a continuation of positive consolidation: We need to move to the $2025 level and try to hold up there. Potential higher targets are the 2030$ and 2035$ levels.
For a bearish option, we need a negative consolidation and a pullback of the price first below the EMA15 moving average. That would slowly move us to the bearish side. We would again have the opportunity to test the support at the 2008$ level. A break below would mean we would see a further pullback. Potential lower targets are the $2000 and $1990 levels.
Silver chart analysis
The price of silver continues to consolidate around the $25.00 level. This morning we had a pullback to $24.70, followed by a positive consolidation and a new price recovery. Now we are again on the threshold to climb above the $25.00 level. Potential higher targets are the $25.10 and $25.20 levels.
We need a negative consolidation and a price drop to the $24.80 level for a bearish option. Thus, we would move into negative territory, which would mean a further pullback in the price of silver. Potential lower targets are the $24.70 and $24.60 levels.
