Gold and Silver Update: Breakout Potential Above $2023 Level
- During the previous Asian trading session, the price of gold continued to recover to the $2023 level.
- The price of silver rose to $23.50 on Friday.
Gold chart analysis
During the previous Asian trading session, the price of gold continued to recover to the $2023 level. This high was formed in the Asian session, and for now, we are not able to break above, but we have resistance at that level. The positive is that we are still holding above $2020, and the price remains stable in the first hours of the EU session. This gives us hope that we could see a break above the Asian high and the formation of a new daily high.
Potential higher targets are $2025 and $2030 levels. We need gold prices to pull back to the 2015$ level for a bearish option. In that zone, we encounter the EMA200 moving average. Failure to hold above will create a breakout below and form a new low as confirmation of bearish momentum. Potential lower targets are $2010 and $2005 levels.
Silver chart analysis
The price of silver rose to $23.50 on Friday. With the start of the Asian session, trouble began for the price of silver, and we saw a decline and pullback to the $23.00 level. From that moment until now, the price managed to stay above and recover slightly to the $23.15 level. For now, we are in a slow lateral consolidation, and we need some impulse to indicate a further trend. Moving above $23.20, the price returns to a bullish consolidation.
Potential higher targets are $23.40 and $23.60 levels. We need a drop below the $23.00 level for a bearish option. With that move, we would start a pullback under pressure to look for a new support level. Potential lower targets are $22.80 and $22.60 levels. In the zone around $22.70, we come across the EMA200 moving average, and in it, we could get support or slow down the bearish momentum.
