Gold and Silver: the price of gold reurns beyond $2030
- During the Asian trading session, we watched the price of gold rise above the $2030 level.
- During the Asian trading session, silver was in bullish consolidation from $22.77 to $23.03.
Gold chart analysis
During the Asian trading session, we watched the price of gold rise above the $2030 level. At the very opening of the market, the price jumped from 2018 to the 2029$ level with a bullish impulse. After that, a pullback to $2020 was successful, where we got support and with bullish consolidation, we started to grow and jump over the $2030 level. Today’s high price is at the $2035 level.
Events in the Middle East affect the growth of the gold price; if the escalation in the Red Sea continues, we can only expect the price of gold to continue to rise. Potential higher targets are $2040 and $2050 levels. We need a negative consolidation and pullback to the $2020 level for a bearish option. With that, we would fall below the EMA200 moving average, which is in the zone around $2025. Potential lower targets are $2015 and $2010 levels.
Silver chart analysis
During the Asian trading session, silver was in bullish consolidation from $22.77 to $23.03. We stop in that zone and pull back to the $23.00 level. Now, it is important for us how the price will move in that zone, whether it will manage to get support or if we fall below. For now, we are slightly below, but nothing drastic, which could worsen the picture for the price of silver. A pullback to $22.75 would lead us to test the EMA200 moving average and its support.
A break below would mean we have the strength and will look at a pullback to the first lower support. Potential lower targets are $22.60 and $22.50 levels. For a bullish option, we need a continuation of today’s positive consolidation and a return above the $23.00 level. Then, we would have to hold up there and wait for the next bullish impulse. Potential higher targets are $23.10 and $23.20 levels.
