Gold and silver: the price of gold yesterday above $1960

 

• During the Asian trading session, the price of gold climbed to the $1964 level after almost a month.
• During the Asian trading session, the silver price rose to $24.90.

 

Gold chart analysis

During the Asian trading session, the price of gold climbed to the $1964 level after almost a month. In the EU session, we see a retreat of the gold price to $1955 and a possible deeper fall within the new correction. The next potential support target is the $1950 level.

We need a negative consolidation and a drop below the $1950 level for a bearish option. That could produce additional volatility in the price and send it even lower. Potential lower targets are the $1945 and $1940 levels. We need a positive consolidation and a price jump above the $1965 level for a bullish option. Then we need to stay up there in order to start a new jump to higher levels from that place. Potential higher targets are the $1970 and $1975 levels.

Silver chart analysis

During the Asian trading session, the silver price rose to $24.90. We returned to that level after two months. Now we see a slight bearish consolidation and a potential price pullback. The first support is the $24.60 level, and if it does not hold and we see a break below, silver prices could slide even lower. Potential lower targets are $24.40 and $24.20, and $24.00.

We need a positive consolidation and a jump to the $25.00 level for a bullish option. Then we need to move above and try to stay up there. With the next bullish impulse, we would see a continuation of the silver price recovery. Potential higher targets are $25.20 and $25.40 levels.