Gold and Silver: The price of gold near the $1800 level

• During the Asian trading session, the price of gold was maintained above the $1790 level.
• During the Asian session, the price of silver regains support at the $23.00 level. 

Gold chart analysis

During the Asian trading session, the price of gold was maintained above the $1790 level. We are very close to the $1800 level again, and we might see a break above. If gold manages to move above, the next target is the $1810 level and then the $1820 level, last week’s high. In continuation of the bullish impulse, higher targets are $1830 and $1840.

For a bearish option, we need a negative consolidation and a pullback of the gold price to the $1770-1780 support zone. A potential price breakout below could extend the bearish option to lower levels. And potential lower targets are $1760 and $1750 levels.

Silver chart analysis

During the Asian session, the price of silver regains support at the $23.00 level. This was followed by a bullish impulse and a jump to the $23.40 level. For now, we have resistance at that level and see a minor pullback to the $23.20 level. We need a positive consolidation and a return to $23.40 to continue the bullish option.

A break above this level and staying above it would be very beneficial for us to continue the recovery. Potential higher targets are the $23.60 and $23.80 levels. For a bearish option, we need a negative consolidation and a break below $23.00 this morning’s support. Then we would probably see a continuation of the descent and an extension of the bearish trend. Potential lower targets are the $22.80 and $22.60 levels.