Gold and Silver: the price of gold is holding above $1,950
- During the Asian trading session, the price of gold hovered around the $1,955 level and the EMA50 moving average.
- During the Asian trading session, the price of silver stopped at $24.20.
Gold chart analysis
During the Asian trading session, the price of gold hovered around the $1,955 level and the EMA50 moving average. There is a slight bearish pressure on the chart, and we could expect to see a pullback to the $1950 level. Below, there could be an increase in pressure and a continuation of the fall in the price of gold to lower support levels. Potential lower targets are $1945 and $1940 levels.
We need a positive consolidation and a jump above the $1960 level for a bullish option. Then we also need to hold ourselves up there before moving on. Potential higher targets are the $1965 and $1970 levels.
Silver chart analysis
During the Asian trading session, the price of silver stopped at $24.20. Today, that level represents resistance, and the price is retreating to $24.00. If we do not get support at that level, the price could drop to $23.90. At this level, we would be able to test the support of the EMA50 moving average. A fall below it could send the price to lower levels. Potential lower targets are the $23.80 and $23.70 levels.
We need a break above the $24.20 level for a bullish option. Then there is a need to hold up there before the next bullish impulse. Potential higher targets are the $24.30 and $24.40 levels.
