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Gold and silver: The gold price is in retreat from $1940

  • During the Asian trading session, the price of gold was maintained around the $1,940 level. 
  • The growth of the price of silver stopped at the $23.75 level yesterday. 

Gold chart analysis

During the Asian trading session, the price of gold was maintained around the $1,940 level. The pressure on that point seemed to be too much, and there was a pullback below the $1930 level. We are now at the $1925 level and could expect a further decline to the $1920 support level. Last week’s low was around $1900, and we could expect to see a test of that support zone if bearish pressure continues. If we manage to stay above gold prices, it could start a new bullish wave. Potential higher targets are the $1950 and $1960 levels.

Gold chart analysis

Silver chart analysis

The growth of the price of silver stopped at the $23.75 level yesterday. During the Asian trading session, the silver price retreated to the $23.50 level. Today’s low was at $23.40; if the current price pressure continues, a price drop is possible. Potential lower support targets are the $23.20 and $23.00 levels.

For a bullish option, we need to move up to $23.80, which would put us above yesterday’s resistance zone. Then we must stay up there and with a new positive consolidation to continue the recovery. Potential higher targets are the $24.00 and $24.20 levels.

Silver chart analysis

 

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