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Gold and silver: the price of gold is close to the $1850

  • After the price of gold found support at $1830, we started a new bullish trend. 
  • During the Asian trading session, the price of silver makes a transition above the $21.00 level. 

Gold chart analysis

After the price of gold found support at $1830, we started a new bullish trend. During the Asian trading session, the price of gold continued to rise and quickly crossed above the $1840 level. If this movement continues, we could reach the $1850 level. That would be a new high for us in the previous 15 days.

Potential higher targets are the $1860 and $1870 levels. We need a negative consolidation and a pullback to the $1830 support level for a bearish option. A break below would be a sign that a bearish trend is coming. Potential lower targets are $1820 and $1810 levels.

Gold chart analysis

Silver chart analysis

During the Asian trading session, the price of silver makes a transition above the $21.00 level. Below we see a bullish impulse pushing the price toward the $21.20 level. The $21.20 level is a seven-day resistance; we need a break above it to continue the recovery. Potential higher targets are the $21.40 and $21.60 levels.

We need a negative consolidation and pullback below the $21.00 level for a bearish option. After that, we could revisit the $20.70 previous support level. The impossibility of maintaining the price of silver at that place will lead to a further fall and testing of this year’s low at the $20.40 level.

Silver chart analysis



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