Gold and silver: the price of gold falls below $1940
- During the Asian trading session, the price of gold continued its bearish trend from last week.
- During the Asian trading session, the price of silver continues its retreat from Friday’s $24.00 level.
Gold chart analysis
During the Asian trading session, the price of gold continued its bearish trend from last week. Today’s gold price low is $1937; unless we quickly consolidate here, we could see a continuation of the downward trend. Potential lower targets are the $1935 and $1930 levels.
In this way, we would test last week’s support zone. We need a new positive consolidation and a price return above the $1950 level for a bullish option. If we succeeded in that intention, gold would have a good position for further recovery. Potential higher targets are the $1955 and $1960 levels.
Silver chart analysis
During the Asian trading session, the price of silver continues its retreat from Friday’s $24.00 level. The price fell to the $23.35 level this morning, and we could see a continuation of the decline even lower. In the zone around $23.50, additional pressure on the price is created by the EMA50 moving average. Potential lower targets are the $23.30 and $23.20 levels.
We need a positive consolidation and a return above the $23.50 level for a bullish option. Then we would form a higher low compared to the previous one from the first of June. We would also get support in the EMA50 moving average. Such a scenario would have a good chance of pushing the price into a new bullish consolidation. Potential higher targets are the $23.60 and $23.70 levels.
