Gold and Silver: the price of gold is back at the $1980
- At one point yesterday, the price of gold retreated to the level of $1,973.
- The price of silver pulled back to the $24.50 level yesterday, testing support at that level.
Gold analysis chart
At one point yesterday, the price of gold retreated to the level of $1,973. After that, we see a recovery to the $1990 level and find a new resistance. During the Asian trading session, the price started a new retreat and fell to the $1980 level. For now, we manage to stay above that level and stop further decline in the price of gold.
We need a positive consolidation and a move above the $1990 level for a bullish option. Then we need to maintain the above and continue the recovery with a new bullish consolidation. Potential higher targets are the $1995 and $2000 levels.
Silver chart analysis
The price of silver pulled back to the $24.50 level yesterday, testing support at that level. During the Asian trading session, the price of silver moved around the $24.90 level. We managed to test the $25.00 level but not stay above it. A new pullback followed and a drop below the $24.80 level.
If we do not manage to stay above it, a price drop below is inevitable, as well as the tested previous support zone around the $24.50 level. For a bullish option, we need a return above $25.00 and price stabilization above it. After that, we could expect to see further growth and price recovery. Potential higher targets are the $25.10 and $25.20 levels.
