Gold and Silver: The Price of Gold Stopped at the $1675
- The price of gold stopped yesterday at the $1675 level.
- Today’s silver price resistance is at the $19.80 level.
Gold chart analysis
The price of gold stopped yesterday at the $1675 level. Since then, the price has been retreating, and today’s minimum was at the $1658 level. It is possible that we will see a further pullback to $1650, where we could expect some support and a potential stop to the decline in the price of gold.
For a bearish option, we need a negative consolidation and pullback below the $1650 level. Then we could expect a continuation of the decline until the next support. Potential lower targets are $1640 and $1620 levels.
For a bullish option, we need a new positive consolidation and a return of the gold price above the $1670 level. After that, we would have to hold above if we want to see a continued recovery in the price of gold. Potential higher targets are $1680 and $1690 levels.
Silver chart analysis
Today’s silver price resistance is at the $19.80 level. During the Asian trading session, the price of silver managed to stay above the $19.60 level, but in the European session, the price could drop to the $19.30 level. The dollar stabilized, which led to a pullback in the prices of goods denominated in dollars.
For the bullish option, we need to find support here now, and with a new positive consolidation, we will return to the previous resistance zone. Then we need a break above the $19.80 level. After that, we could expect the price to support the $20.00 level.
For a bearish option, we need a negative consolidation and a further decline below the $19.20 level. After that, we can expect the price to continue its decline, and the potential lower targets are $19.00 and $18.80, this week’s minimum.
