Gold and Silver: The price of gold is back above $2030
- During the Asian trading session, the price of gold continues to recover above the $2020 level.
- During the Asian trading session, the price of silver was retreating from the $25.70 level.
Gold chart analysis
During the Asian trading session, the price of gold continues to recover above the $2020 level. We are now testing the $2030 level and will try to stay there. If we succeed in that, we will have the opportunity to continue the recovery. Potential higher targets are $2040 and $2050 levels.
We need a new negative consolidation and a new descent to the $2020 support level for the bearish option. With a price break below, we would test the EMA50 moving average at the $2015 level. If we fail to hold above, then we will see a new breakout below and a continuation of the bearish trend. Potential lower targets are $2010 and $2000 levels.
Silver chart analysis
During the Asian trading session, the price of silver was retreating from the $25.70 level. Today’s low was formed at the $25.30 level, where the price of silver receives support and begins a new recovery and growth up to the $25.60 level. We have additional support for the bullish trend in the EMA50 moving average in the zone around the $25.40 level.
Potential higher targets are the $25.80 and $25.90 levels. We need a negative consolidation and a price pullback to the $25.30 level for a bearish option. A break below would form today’s new low, which would mean a continuation of the decline until the next support. Potential lower targets are the $25.20 and $25.10 levels.
