Gold and Silver: The Price of Gold at the $1,658 level
- The price of gold recorded a new November high this morning at the $1,658 level.
- The price of silver managed to climb up to the $20.00 level yesterday.
Gold chart analysis
The price of gold recorded a new November high this morning at the $1,658 level. The dollar is retreating ahead of tonight’s speech by the FED on the future interest rate, and gold skillfully uses this to its advantage. To continue the bullish option, we need further positive consolidation and a move above the $1660 level.
After that, we need to stay up there so that we can continue our recovery more easily. Potential higher targets are $1670 and $1680 levels. We need a negative consolidation and pullback below the $1650 support zone for a bearish option. In the continuation, the price could drop again to $1630, the previous low. A break below would take us back to the October support zone. Potential lower targets are $1620 and $1610 levels.
Silver chart analysis
The price of silver managed to climb up to the $20.00 level yesterday. It did not manage to stay there for long, and a new pullback followed to the $19.50 level, where it found new support. During the Asian trading session, we see that the price consolidated around $19.60 and is starting to recover with a new bullish impulse.
We are currently back at the $19.80 level and could expect another test of the $20.00 level. To continue the bullish option, we need to stay in the zone around $20.00 and try to break above. Potential higher targets are the $20.20 and $20.40 levels. We need a negative consolidation and pullback below the $19.60 support level for a bearish option. After that, we would see a further drop in the price. Potential lower targets are the $19.20 and $19.00 levels.
