Gold and silver: The price of gold is testing the $1830
- The price of gold fell to $1,830 this morning.
- During the Asian trading session, the price of silver hovered around the $21.80 level.
Gold chart analysis
The price of gold fell to $1,830 this morning. For now, we manage to stay above, but the bearish pressure is still very present. We could expect to see a further drop in the price and a visit to the previous support zone at the $1820 level. for a bullish option, and we need a positive consolidation and a return above the $1850 level.
After that, we need to maintain up there, and with the next bullish impulse, we could continue the recovery of the gold price. Potential higher targets are the $1855 and $1860 levels.
Silver chart analysis
During the Asian trading session, the price of silver hovered around the $21.80 level. This morning we saw a small drop to the $21.60 level, but the price quickly bounced back to the $21.80 zone. We need a break above for a bullish option to continue toward the $22.00 level.
We could expect further consolidation and a potential breakout above for continued recovery. A potential higher target is the $22.20 level. We need a negative consolidation and a drop below the $21.60 level for a bearish option. After that, we could expect to see a further drop with a target to the previous low at the $21.20 level.