Gold and Silver: The price of gold is still around $1,800
- The price of gold starts a new recovery in the first part of the day after falling to the $1783 level.
- During the Asian trading session, the price of silver solidified support at the $23.20 level and launched a new bullish impulse to the $23.50 level.
Gold chart analysis
The price of gold starts a new recovery in the first part of the day after falling to the $1783 level. It is already above $1790, and we could continue toward the $1800 level. If we succeed in that, we will be very close to last week’s high at the $1810 level. The current trend is favored by a weak dollar, which could lead to a breakout above and the formation of a new higher high above the $1810 level.
Potential higher targets are the $1820 and $1830 levels. For a bearish option, we need a negative consolidation and a drop first to support the $1780 level. If we do not find that support, we can expect the price to go down to last week’s support at the $1770 level. Potential lower targets if the negative consolidation continues are the $1760 and $1750 levels.
Silver chart analysis
During the Asian trading session, the price of silver solidified support at the $23.20 level and launched a new bullish impulse to the $23.50 level. We now see a downside pullback and could revisit this morning’s support level. If the pressure on the lower support level increases, a breakout of the price below is inevitable. The price would then drop down to the $23.00 level.
To continue the bearish option, we need a negative consolidation. Potential lower targets are the $22.80 and $22.60 levels. For a bullish option, we need a positive consolidation and a break above the $23.60 level. Then it is necessary to maintain up there and start further recovery with a new bullish impulse. Potential higher targets are the $23.80 and $24.00 levels.
