Gold and silver: The price of gold is still below $1,950
- The price of gold remains under pressure below the $1950 level.
- The price of silver is in a bullish recovery for the second day.
Gold chart analysis
The price of gold remains under pressure below the $1950 level. Today we are moving in the $1940-$1950 range. We need a break above the $1950 level to continue on the bullish side. Then we need to stay above that and start further recovery with a positive consolidation. Potential higher targets are the $1955 and $1960 levels.
The next major resistance is in the zone around $1965, as we come across the EMA50 moving average. We need a drop below the support at the $1940 level for a bearish option. After that, we will test the previous low at the $1936 level, and a break below would mean a further price drop. Potential lower targets are the $1930 and $1920 levels.
Silver chart analysis
The price of silver is in a bullish recovery for the second day. During the Asian trading session, we saw a recovery to the $23.40 level. For now, we have resistance at that level and see a pullback to the $23.20 level. The price is able to maintain at that level, which could mean a possible continuation of the recovery.
Potential higher targets are the $23.50 and $23.60 levels. We need a drop below the $23.20 level for a bearish option. After that, we would probably test the $23.00 support level. Increased pressure in that place would cause the price to slide to the next lower levels. Potential lower targets are the $22.90 and $22.80 levels.
