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Gold and silver: the price of gold remains above $1950

  • During the Asian trading session, we saw a pullback in the price of gold to the $1950 level.
  • The price of silver reached the $25.00 level last week.

Gold chart analysis

During the Asian trading session, we saw a pullback in the price of gold to the $1950 level. After that, with a bullish impulse, the price rises to $1955. For now, we have resistance at that level and need a break above to continue on the bullish side. If the current consolidation continues with a slight downward slide, the price of gold could easily visit the next support levels. Potential lower targets are $1945 and $1940 levels.

We need a positive consolidation and price breakout above the $1960 level for a bullish option. Then, we need to hold up there in order to initiate further growth above the previous high. Potential higher targets are $1965 and $1970 levels.

Gold chart analysis

Silver chart analysis

The price of silver reached the $25.00 level last week. After that, we see a pullback and a slight price drop. During the Asian trading session, the price of silver hovered around the $24.80 level. The chart shows that the indicators have moved to the bearish side and are pressuring the price. This could have a negative impact and lower the price of silver. Potential lower targets are $24.60 and $24.40 levels.

We need positive consolidation and a return to the zone around the $25.00 level for a bullish option. Then we need a break above and try to hold up there. If we succeed in this, silver would have the opportunity to continue its growth. Potential higher targets are $25.20 and $25.40 levels.

Silver chart analysis

 



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