Gold and Silver: The price of gold is close to $2000 again
- The price of gold still does not give up on finding itself above the $2000 level again
- During the Asian trading session, the price of silver managed to hold above the $23.00 level
Gold chart analysis
The price of gold still does not give up on finding itself above the $2000 level again. During the Asian trading session, the price of gold moved in the range of $1980-$2000. We have good support in the EMA20 moving average, and we could expect to see a break above and the gold price continue to rise.
Potential former targets are $2002 and $2008 levels. We need a negative consolidation and descent to this morning’s support at the $1980 level for a bearish option. A drop below would be a signal for a possible further drop in the price of gold. Potential lower targets are the $1975 and $1968 levels.
Silver Chart Analysis:
During the Asian trading session, the price of silver managed to hold above the $23.00 level. Today’s high price is $23.29 level. If the current consolidation continues, we could soon find ourselves above that level. Potential higher targets are the $23.35 and $23.50 levels. We need a negative consolidation and a pullback below the $23.00 level for a bearish option. An important support zone is $22.80-$22.90.
In case we fall below this zone, the price pullback could be stronger. Potential lower targets are the $22.70 and $22.50 levels.
