Gold and Silver: The price of gold seeks support at $1975
- During the Asian trading session, the price of gold moved above the $1975 level.
- During the Asian trading session, the price of silver rises to the $23.09 level.
Gold chart analysis
During the Asian trading session, the price of gold moved above the $1975 level. On two occasions, we jumped up to $1983, but after that, we returned to the initial position. We need a drop below the $1975 level for a bearish option. Then we need to stay down there, and with the negative consolidation, we would continue the pullback.
Potential lower targets are the $1968 and $1962 levels. We need a positive consolidation and a move above the $1980 level for a bullish option. Then we need to consolidate there above if we want to see the continued recovery of the gold price. Potential higher targets are the $1988 and $1995 levels.
Silver chart analysis
During the Asian trading session, the price of silver rises to the $23.09 level. After which, we see a pullback to $22.70, where we get new support and the price is back above the $22.90 level. We are currently consolidating around that level. for a bullish option, and we need a positive consolidation and a move above the $23.00 level.
Therefore, we need to try to stay up there and, with a new bullish impulse, start the continuation of the price increase. Potential higher targets are the $23.12 and $23.34 levels. We need a negative consolidation and a price drop below the $22.80 level for a bearish option. A break below could mean that the price of silver would continue to decline. Potential lower targets are the $22.69 and $22.48 levels.
