Gold and Silver: the price of gold stabilized above $1750
- During the Asian trading session, the price of gold manages to stabilize above $1750.
- The price of silver is currently testing its two-week high at the $21.70 level.
Gold chart analysis
During the Asian trading session, the price of gold manages to stabilize above $1750. After that, we saw a bullish impulse that moved us to the $1760 level, and for now, we are consolidating around that level. We need a break above and try to hold above for the continuation of the bullish option. With a new bullish consolidation, we could climb to the previous zone of resistance around the $1785 level.
And before that, we need to move above the $1770 and $1780 levels. For a bearish option, we need a negative consolidation and a retest of support at the $1750 level. If a breakthrough occurs below, we are looking for the next support at the $1740 level, this week’s low. The impossibility of us staying there will lead to a further drop in the price of gold. Potential lower targets are $1730 and $1720 levels.
Silver chart analysis
The price of silver is currently testing its two-week high at the $21.70 level. We need a break above to continue this bullish consolidation. Then we need to stay up there and start recovery with the next bullish impulse. Potential higher targets are the $21.80 and $22.00 levels. For a bearish option, we need a new negative consolidation and price pullback to this morning’s support at the $21.20 level.
A drop below could threaten the previous low at the $20.80 level. A break below would lead to the formation of a new lower low, which would mean a further drop in the price of silver. Potential lower targets are the $20.60 and $20.40 levels.
