Gold and silver: The price of gold stabilized above $1910
- During the Asian session, the price of gold gained support at $1910 and began a new bullish trend.
- Yesterday’s price of silver formed a new March high at the $22.38 level.
Gold chart analysis
During the Asian session, the price of gold gained support at $1910 and began a new bullish trend. Yesterday the price of gold jumped to the $1937 level, and today we have the opportunity to visit that level again. Depending on the strength of the impulse, the price of gold could make a breakthrough above and reach the $1940 level.
A potential higher target is the $1950 level. We need a negative consolidation and price pullback to this morning’s support at the $1910 level for a bearish option. A price drop below could threaten the next support at the $1900 level. And if we don’t manage to hold on there either, the potential lower targets are the $1890 and $1880 levels.
Silver chart analysis
Yesterday’s price of silver formed a new March high at the $22.38 level. After which, we see a pullback to $21.70, where we find support and stop the decline. During the Asian trading session, the price of silver consolidated and initiated a bullish consolidation. We are now very close to breaking above the $22.00 level again.
This would give us a new opportunity to visit the previous high and make a potential breakout above. We need a negative consolidation and a price drop below the $21.60 level for a bearish option. Thus, we would fall below this week’s support and probably see a further continuation of the silver price pullback. Potential lower targets are the $2.50 and $2.40 levels.