Gold and Silver: The Price of Gold Continued to Fall
- During the Asian trading session, the price of gold continued to fall.
- During the Asian session, the price of silver dropped to $19.00.
Gold chart analysis
During the Asian trading session, the price of gold continued to fall. Last week’s price growth stopped at the $1675 level, and since then, we have been in a bearish trend. For a bearish option, we need a continuation of this negative consolidation. The price is now trying to hold at $1640 and form a potential higher low. If we fail to do so, we could see a further decline in the price of gold.
Potential lower targets are $1630 and $1620 levels. For a bullish option, we need a new positive consolidation and the formation of a bottom at the $1640 level. Then we need to move above the $1650 level and try to hold above. In continuation, the price of gold had a chance to climb to the upper resistance zone. Potential higher targets are $1660 and $1670 levels.
Silver chart analysis
During the Asian session, the price of silver dropped to $19.00. The price of silver, for now, manages to stay above, and we see a minor recovery to the $19.15 level. We need a positive consolidation and a move above the $19.20 level for a bullish option. After that, we could see a continuation of the recovery to the previous resistance zone.
Potential higher targets are the $19.40 and $19.60 levels. We need a continuation of the negative consolidation and a drop below the $19.00 level for a bearish option. Then the price needs to put more pressure on the $18.80 previous low. A break below would continue the bearish trend. Potential lower targets are the $18.60 and $18.40 levels.
