Gold and Silver: the price of gold is back above $1900
- Yesterday, the price of gold rose above the $1900 level for the first time in March, forming a new high at the $1914 level.
- The price of silver rose to $21.92 yesterday.
Gold chart analysis
Yesterday, the price of gold rose above the $1900 level for the first time in March, forming a new high at the $1914 level. Followed by a pullback, we are now very close to testing potential support at the $1900 level. A drop below could further lower the price of gold, and the potential lower targets are the $1880 and $1870 levels.
We need a new positive consolidation and a return above the $1915 level for a bullish option. Then it is necessary to keep up there so that we can start with a new impulse and continue the recovery. Potential higher targets are the $1920 and $1930 levels.
Silver chart analysis
The price of silver rose to $21.92 yesterday. The weak dollar contributed to seeing the price jump from last week’s $20.00 to close to the $22.00 level. During the Asian trading session, the price of silver retreated to the $21.50 level. There we found new support and saw a minor recovery to the $21.65 level.
If the recovery continued, the price would have to retest the $22.00 level. A silver breakout above this level could push the price more strongly to higher levels. Potential higher targets are the $22.20 and $22.40 levels.