Gold and silver: The price of gold is stable above $1880
- The price of gold continues this week’s consolidation.
- During the Asian trading session, the price of silver managed to hold above the $22.40 level.
Gold chart analysis
The price of gold continues this week’s consolidation. Yesterday we managed to hold above $1870, and the recovery continued during the Asian trading session. Today’s high price was at the $1886 level; then, there was a consolidation to the $1880 level. If we stay above that level, we will have a good position for a new bullish impulse and continued recovery.
Potential lower targets are the $1890 and $1900 levels. We need a negative consolidation and a pullback to the $1870 support level for a bearish option. A drop below would return us to the uncomfortable zone around $1860, which could lead to a breakout below and the formation of a new lower low.
Silver chart analysis
During the Asian trading session, the price of silver managed to hold above the $22.40 level. At one point, we climbed to the $22.50 level, but we returned to the framework of bullish consolidation. Bullish optimism is starting to work, and silver prices are slowly recovering. Now we are looking at the $22.60 level, and we need a break above it.
And potential higher targets are the $22.80 and $23.00 levels. We need a negative consolidation and price pullback to the $22.20 level for a bearish option. Then, we would once again be back in the pressure zone at $22.00 and a potential breakout below.
