Gold and Silver: The Gold’s Price Remained Above $1700

•  After a month, the gold price remained above the $1700 level again.
•  The price of silver yesterday formed its new six-month high at $21.60.

Gold chart analysis

After a month, the gold price remained above the $1700 level again. Yesterday’s high was at the $1717 level. During the Asian trading session, the price of gold retreated slightly to $1,702. The price consolidated again and climbed to the $1710 level. For a bullish option, we need a positive consolidation and a move toward the $1720 level.

Then we need to stay there and try to break through. With a new bullish impulse, we could continue the bullish recovery. The potential higher target is $1730. For a bearish option, we need a negative consolidation and a break below the $1700 level. After that, a further pullback in the price of gold could occur. Potential lower targets are $1690 and $1680 levels.

Silver chart analysis

The price of silver yesterday formed its new six-month high at $21.60. After that, we see a minor pullback to the $21.20 support level. During the Asian trading session, the price remained above the 21.20 level. For a bullish option, we need a positive consolidation that could bring us back to yesterday’s high.

Then we need to try to break above and, with the next bullish impulse, continue the further growth of the price of silver. Potential higher targets are the $21.80 and $22.00 levels. For a bearish option, we need a negative consolidation and a drop to the $21.00 level. Then we need a breakthrough below and to stay down there. Bearish pressure would influence the continuation of the silver price decline. Potential lower targets are the $20.80 and $20.60 levels.