Gold and silver: the gold remains above $1850 for now

• Yesterday, the price of gold repeatedly tested support at the $1850 level.
• The price of silver continues to retreat below the $22.00 level.

Gold chart analysis

Yesterday, the price of gold repeatedly tested support at the $1850 level. For now, we manage to hold above and move up to the $1860 level. We currently have a new bearish pullback to the $1855 level, which could push the price of gold down to retest yesterday’s support. For a bearish option, we need to break below and hold there.

After that, the potential lower targets are the $1840 and $1830 levels. We need to consolidate above the $1860 level for a bullish option. Then we need a new bullish impulse that would have the strength to push and initiate a recovery in the price of gold. Potential higher targets are the $1870 and $1880 levels.

Silver chart analysis

The price of silver continues to retreat below the $22.00 level. Today’s low was at the $21.70 level. The current bearish pressure could drop us below it, which would form a new lower low in the previous three months. Potential lower targets are the $21.60 and $21.50 levels.

For a bullish option, we need a new positive consolidation and a return above the $22.00 level. Only in this way would we be able to form a new bottom, and with a new bullish impulse, we would be able to continue further recovery. Potential higher targets are the $22.20 and $22.40 levels.