Gold and Silver: The price of gold falls to $1,975
- The price of gold continues to retreat below the $1980 level.
- Silver continues to retreat from the $25.20 level.
Gold chart analysis
The price of gold continues to retreat below the $1980 level. During the Asian trading session, the price of gold was maintained above the $2000 level. This was followed by a breakout below and a bearish impulse, bringing the price down to $1976. Today’s pressure could send the price of gold down even further. Potential lower targets are $1970, $1960, and $1950, the previous low from the beginning of April. We need a new positive consolidation and price pullback at least above the $1990 level for a bullish option. After that, we need to hold on there in order to consolidate there and, with a new impulse, start the growth up to the $2000 level. A break above could be interpreted as positive for the gold price and the future bullish trend.
Silver chart analysis
Silver continues to retreat from the $25.20 level. During the Asian trading session, the price of silver tried to hold above the $25.00 level, but a break below followed. A bearish impulse pushes the price to $24.68, forming a new lower low for this week. The price fell below yesterday’s low at the $24.80 level. We are now looking at where this decline will stop, and after that, we will likely see another consolidation and a slight recovery to the $25.00 level. For the bullish option, we need to return above the EMA50 moving average in order to get its support for further continuation.
