Gold and Silver: the price of gold remains above the $1900
- During the Asian trading session, the price of gold retreated to the $1885 level.
- The price of silver is in a new attempt to break above the $22.00 level.
Gold chart analysis
During the Asian trading session, the price of gold retreated to the $1885 level. We are finding support below, and the gold price is back above the $1900 level very quickly. Now we are already on the threshold of the $1910 level, and we could soon test this week’s high at the $1915 level. A price break above would form a new higher high, which would mean we could see further growth in the price of gold.
Potential higher targets are the $1920 and $1930 levels. We need a negative consolidation and a new price pullback below the $1900 level for a bearish option. A drop to the $1890 level could further pressure the price of gold and push it to lower support levels. Potential lower targets are the $1880 and $1870 levels.
Silver chart analysis
The price of silver is in a new attempt to break above the $22.00 level. During the Asian trading session, the price of silver held above the $21.50 level, then managed to consolidate and initiate this recovery. We now need a break above $22.00 to continue the recovery.
Potential higher targets are the $22.20 and $22.40 levels. We need a new price pullback for a bearish option to support the $21.50 level. A break above would mean potential weakness and a fall in the price of silver. Potential lower targets are the $21.40 and $21.30 levels.