Gold and silver: The price of gold near the $1950 level
- During the Asian trading session, the price of gold formed a new high at the $1948 level.
- The price of silver managed to approach the $24.00 level yesterday.
Gold chart analysis
During the Asian trading session, the price of gold formed a new high at the $1948 level. After that, the price growth stopped, and we saw a retreat below the $1940 level. Today’s low is $1937, and we could expect a continuation of this consolidation within the rising channel. Based on that, the price would have room to go down to $1920 and look for a new consolidation below for the next bullish impulse.
For a bullish option, we need a positive consolidation and breaking through the resistance at the $1950 level. If we succeed in this, the price of gold would have a good chance to continue on the bullish side. The potential higher target is the $1960 level.
Silver chart analysis
The price of silver managed to approach the $24.00 level yesterday. The pressure seems to have been strong, followed by another pullback below the $23.80 level. During the Asian trading session, the price of silver continued to weaken, and we are now testing the $23.60 support level. A price breakout below would mean we could revisit this year’s $23.20-$23.40 support zone.
For a bullish option, we need a positive consolidation and a return to the resistance zone around $24.00. Then we need a break above and hold there, and the next bullish impulse would continue the recovery. Potential higher targets are the $24.20 and $24.40 levels.
