Gold and silver: the price of gold continues to rise
- Gold’s price continues to rise today, forming a new high at the $1943 level.
- Yesterday, the price of silver fell to a new low this year at $22.75.
Gold chart analysis
Gold’s price continues to rise today, forming a new high at the $1943 level. During the Asian trading session, the price manages to maintain a high level. We need a continuation of this consolidation in order to reach the $1950 level. For now, there is no sign of weakness in this bullish trend, and we can expect to see the price of gold at even higher levels on the chart.
We need a negative consolidation and a drop to the $1920 support level for a bearish option. A break below would signify that we could see a further decline in the price of gold. The potential next lower support zone is around the $1900 level.
Silver chart analysis
Yesterday, the price of silver fell to a new low this year at $22.75. A price consolidation soon followed, and we moved back above $23.20. During the Asian trading session, the price of silver continued its recovery and is now at the $23.65 level. If the current consolidation continues, we could see silver at the $24.00 level soon.
A break above could take us to the previous highs, the $24.40-$24.60 zone. We need a negative consolidation and a new downward turn for a bearish option. We would look for significant support at the $23.20 level, and a break below would confirm the bearish pressure. Potential lower targets are the $23.00 and $22.80 levels.
