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Gold and Silver: The Price of Gold Started at the $1670

  • At the beginning of the Asian trading session, the price of gold started at the $1670 level.
  • The price of silver this morning formed a new higher high at $19.67; we did not stay there for long because the price retreated very quickly.

Gold chart analysis

At the beginning of the Asian trading session, the price of gold started at the $1670 level. A pullback soon followed, and the price quickly dropped to $1650. It didn’t stop there either, and today’s minimum is the $1643 level. Now we see a minor recovery and an attempt to get back above the $1650 level. 

For a bearish option, we need a continuation of the negative consolidation and a pullback of the price toward the $1640 level. Increased bearish pressure could lead to continued price appreciation. 

Potential lower targets are $1630 and $1620 levels. For a bullish option, we need a positive consolidation and a move above the $1650 level. After that, we could expect the price to start a further recovery. Potential higher targets are $1660 and $1670 levels.

Gold chart analysis

Silver chart analysis

The price of silver this morning formed a new high at $19.67; we did not stay there for long because the price retreated very quickly. Today’s minimum was at the $19.05 level, after which we see an immediate minor recovery from the $19.20 level. 

For a bearish option, we need a negative consolidation and a drop below the $19.00 level. Then we need to stay down there for the bearish trend to continue. Potential lower targets are $18.80, $18.60 and $18.40 levels. For a bullish option, we need a new positive consolidation and a move above the $19.40 level. We need to stay there and continue the silver price recovery with a new bullish impulse. Potential higher targets are the $19.60 and $19.80 levels.

Silver chart analysis

 



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