Gold and Silver: The price of gold is close to $1940
- The price of gold continues the bullish consolidation that started at the beginning of March.
- The price of silver is still struggling to break above the $22.00 level.
Gold chart analysis
The price of gold continues the bullish consolidation that started at the beginning of March. We have climbed above the $1930 level again, and we could expect a test of the previous high at the $1937 level. If the current consolidation continues, the price of gold could soon rise to the $1,940 level.
This would bring us closer to the $1950 level. We need a negative consolidation and price pullback to the $1920 level for a bearish option. This could lead to a drop below and a test of support at the $1910 level. The closeness to the $1900 level could pull the price of gold even lower and send it below.
Silver chart analysis
The price of silver is still struggling to break above the $22.00 level. We are currently at the $21.90 level, with bullish consolidation supporting the price to move above. If we succeed, silver would have an opportunity to test the previous high at the $22.38 level. Potential higher targets are the $22.40 and $22.60 levels.
We need a negative consolidation and pullback below the $21.80 level for a bearish option. After that, we would return to test support at $21.60. A break below would mean a potential further decline in the price of silver. Potential lower targets are the $21.40 and $21.20 levels.