Gold and Silver: The price of gold is back above $1965
- During the Asian trading session, the price of gold retreated from the $1973 level.
- The price of silver was also in retreat during the Asian trading session, as was gold.
Gold chart analysis
During the Asian trading session, the price of gold retreated from the $1973 level. The price fell to $1958, and we have support there for now. A positive for gold is that it is back above the EMA20 moving average. We could now expect to see further recovery and a return to the previous $1973-$1975 resistance zone.
If we break above, potential higher targets are the $1980 and $1988 levels. For a bearish option, we need a negative consolidation and a new drop on the support level at $1960. A drop below could take us down to the $1955 level. We have additional support there in the EMA50 moving average. Potential lower targets are the $1950 and $1942 levels.
Silver chart analysis
The price of silver was also in retreat during the Asian trading session, as was gold. Silver dropped to support at the $23.00 level and initiated a new bullish impulse. We are now at $23.28 and very close to erasing the loss made during the Asian session.
We need a break above the $23.35 level to continue the bullish option and hold there. After that, the price would start a further recovery with a new impulse. Potential higher targets are the $23.40 and $23.50 levels.
