Gold and silver: The price of gold is still above $1900
- During the Asian trading session, the price of gold managed to hold on to the $1920 support level.
- During the Asian trading session, the price of silver hovered around the $23.60 level.
Gold chart analysis
During the Asian trading session, the price of gold managed to hold on to the $1920 support level. If by any chance we see a breakout below, we could expect a pullback to $1900, the previous support level. We need a new positive consolidation and a move to the $1935 resistance level for a bullish option. Then we need a break above and try to hold up there. With the next bullish impulse, we could see further recovery in the price of gold. Potential higher targets are the $1940 and $1950 levels.
Silver chart analysis
During the Asian trading session, the price of silver hovered around the $23.60 level. The price has been in a bullish trend since Friday’s drop to the $23.30 level. We need a break above $23.80 and stay up in order to initiate a further recovery with a new bullish impulse. Potential higher targets are the $24.00 and $24.20 levels.
We need a negative consolidation and pullback below the $23.60 level for a bearish option. After that, the price of silver would drop to the $23.40 level. This would bring us close to testing the previous low and making a potential breakout below. Potential lower targets are the $23.20 and $23.00 levels.
