Gold and Silver: The Price of Gold Is Calm Around $1.710
- For now, the price of gold is calm, around $1,710, and is waiting for news about American inflation.
- The price of silver continues bearish consolidation after climbing to the $21.60 level yesterday.
Gold chart analysis
For now, the price of gold is calm, around $1,710, and is waiting for news about American inflation. During the Asian trading session, the price of gold hovers around the $1,710 level. Everyone is waiting for the US inflation report. For a bullish option, we need a break above the $1720 level. Then we would have a chance to attack the $1730 level, the October resistance zone.
If we managed to get to that zone, we would have to stay up there afterward if we wanted to see the continued recovery of the price of gold. A potential higher target is the $1740 level. For a bearish option, we need a negative consolidation and price pullback below the $1700 level. A drop below would signify the continuation of the bearish trend. Potential lower targets are $1690 and $1680 levels.
Silver chart analysis
The price of silver continues bearish consolidation after climbing to the $21.60 level yesterday. During the Asian trading session, the price fluctuated between $21.00 and $21.20 levels. There is currently more pressure at $21.00, and we could see a potential pullback to lower levels. For a bearish option, we need negative consolidation and a drop to the $20.80 level. Thus, we would reach the zone of the previous consolidation of $20.40-$20.80.
There we could find the next support. If we fail to do so, the bearish scenario will continue. Potential lower targets are the $20.20 and $20.00 levels. For a bullish option, we need positive consolidation and a return to the $21.60 resistance level. A breakthrough above would be of great help to us. Then we need to maintain it and continue the growth with the next bullish impulse. Potential higher targets are the $21.80 and $22.00 levels.
