Gold and Silver: The gold is testing support at $1,950
- During the Asian trading session, the price of gold continued its bearish retreat from last week’s $2000.
- The price of silver continues the retreat that began on Friday.
Gold chart analysis
During the Asian trading session, the price of gold continued its bearish retreat from last week’s $2000. Gold broke the support at the $1970 level this morning and continued to fall. And today’s low price was at the $1951.70 level. The gold price hit the EMA50 4H moving average and is now managing to hold above it.
If the pressure on the gold price continues, a break below is expected, and the gold price will have to seek new support. Potential lower targets are the $1948 and $1942 levels. For a bullish option, we need a new positive consolidation and a return of the price above the $1962 level. Then we also need to keep up there if we plan to see further recovery. Potential higher targets are $1968 and $1937-$1975 resistance zone.
Silver chart analysis
The price of silver continues the retreat that began on Friday. During the Asian trading session, the price of silver held above the $23.00 level. In the European session, the price broke below the $23.00 level and began to retreat to lower levels. The first potential support is the $22.83-$22.90 zone. A fall below this zone could take us down to $22.69, then to $22.48.
For a bullish option, we need a positive consolidation and a return of the silver price above the $23.00 level. We have additional resistance at that level in the EMA20 1H moving average. If we manage to get back above, potential higher targets are the $23.34 and $23.50 levels.
