Gold and silver: The price of gold remains above $1840
- During the Asian trading session, the price of gold strengthened its position above the $1840 level.
- During the Asian trading session, the price of silver rises to $21.90.
Gold chart analysis
During the Asian trading session, the price of gold strengthened its position above the $1840 level. Today’s high so far has been at the $1847 level, and we could see progress to the $1850 level. If we succeed in that, we will form a new five-day high. We would also break above the upper line of the previous descending channel.
Potential higher targets are the $1855 and $1860 levels. We need a negative consolidation and pullback below the $1840 level for a bearish option. This would initiate a negative consolidation, and we could expect the price of gold to retreat to a lower level. Potential lower targets are $1835 and $1830 levels.
Silver chart analysis
During the Asian trading session, the price of silver rises to $21.90. There we encounter resistance, and the price retreats to the $21.70 level. We are currently managing to support the above in the hope of seeing continued price resistance. We need a positive consolidation that would manage to climb above the previous high and form a new higher high.
Potential higher targets are the $22.00 and $22.20 levels. We need a negative consolidation and a drop to the $21.60 support level for a bearish option. A price break below would return us to the previous channel, which would signify a return to the bearish trend. Potential lower targets are the $21.50 and $21.40 levels.
