Gold and Silver: the price of gold jumps above $2000
- The price of gold climbed to its new one-year high this morning at the 2010$ level.
- During the Asian trading session, the silver price rose to $22.70.
Gold chart analysis
The price of gold climbed to its new one-year high this morning at the 2010$ level. We then see a pullback below $2000 and a drop to $1973. The price drop stopped there, and gold recovered again, climbing from the $1982 level. We need a continuation of positive consolidation and growth above the $1990 level for a bullish option.
After that, we could expect to see a continuation of the recovery and a new move above the $2000 level. For a bearish option, we need a negative consolidation and price pullback to the $1970 level. a break below would put further pressure on the gold price. Potential lower targets are the $1960 and $1950 levels.
Silver chart analysis
During the Asian trading session, the silver price rose to $22.70. After which, we see a pullback to the $22.40 support level. For now, the price manages to stay a little above that level. We have a larger support zone at the $22.20 level, and if we manage to hold above it, we could see continued silver price growth.
Potential higher targets are the $22.80 and $23.00 levels. We need a negative consolidation and a price pullback below the $22.20 level for a bearish option. After which, we would probably test support at the $22.00 level. Potential lower targets are the $21.80 and $21.60 levels.
