Gold is once again on its way to $2200, Silver price fell
- During the Asian trading session, the gold price moved in the $2175-$2180 range.
- The price of silver fell this morning to the $24.30 level, a new weekly low.
Gold chart analysis
During the Asian trading session, the gold price moved in the $2175-$2180 range. As the EU session began, the price started to rise so that we could see a bullish impulse and a jump to the $2197 level. We are very close to the $2200 level and we may visit that level by the end of the day. Yesterday we were at that level, but a return to the zone around the $2180 level followed. Potential higher targets are $2205 and $2210 levels.
We need a negative consolidation of the gold price up to the $2180 level for a bearish option. Below, we enter the zone of the previous longer consolidation. This could push the price of gold to slide even lower and test the EMA200 moving average that we have been supporting since the start of this week. By falling below it, we move to the bearish side, which would negatively affect the price of gold. Potential lower targets are $2165 and $2160 levels.
Silver chart analysis
The price of silver fell this morning to the $24.30 level, a new weekly low. The decline started yesterday after the price jumped to the $24.88 level. We pulled back below the EMA200, which put additional pressure on the price and resulted in yesterday’s decline. We are now at the $24.55 level and are testing the EMA50 moving average. With his support, we could extend this current bullish consolidation. Potential higher targets are $24.60 and $24.70 levels.
At $24.70, we meet the EMA200 again, and we would have to skip it, too, for a further bullish trend. For a bearish option, the price of silver should drop to the $24.40 level. Below that level, we enter the critical zone because we could easily slip below to a new low. Potential lower targets are $24.30 and $24.20 levels.
