Gold and Silver: The Price Of Gold Jumped to the $1680 level
- Last week the price of gold made a great jump from 1615 to 1680$ level.
- Yesterday, the price of silver again found itself at the $21.00 level.
Gold chart analysis
Last week the price of gold made a great jump from 1615 to 1680$ level. At the beginning of this week, we saw a pullback to the $1665 level, and now we could expect a continuation of the price pullback due to the US elections for both houses of Congress. We can also expect increased market volatility until the vote results are announced. This could further lower the price of gold. For the bearish option, we need a negative consolidation below the $1660 level.
Then there is the need to stay there, which would increase the negative pressure on the price of gold, and we could see a further drop in the price. Potential lower targets are $1650, $1640, and $1630. For a bullish option, we need a positive consolidation and a return to the $1680 resistance level. Then we need a breakout above and try to stay up there. With a sudden bullish impulse, we would continue the further recovery of the price of gold. Potential higher targets are $1690 and $1700 levels.
Silver chart analysis
Yesterday, the price of silver again found itself at the $21.00 level. The price did not stay there for long because a pullback followed, first to the $20.80 level and then continuing to the $20.50 level. For now, we have support at that level and a recovery to the $20.70 level. For a bullish option, we need a positive consolidation and a return above the $20.80 level. Then we need to hold up there and try to attack the $21.00 level again.
A break above would form a new high for the month. Potential higher targets are the $21.20 and $21.40 levels. For a bearish option, we need a negative consolidation and another drop below the $20.50 level. The first potential support is at the $20.40 level. A break below would strengthen the bearish option and further decline the price of silver. Potential lower targets are the $20.20 and $20.00 levels.
