Gold is stable at $1995 and silver is holding at $23.70
- On Tuesday, we saw the price of gold at a new November high at the 2007$ level.
- Last week was bullish for the silver price, while this week, we are looking at a sideways consolidation.
Gold chart analysis
On Tuesday, we saw the price of gold at a new November high at the 2007$ level. We encountered resistance in that zone, and the price is starting to pull back to support at the $1987 level. That’s where we get support and manage to stay above. Since then, the price of gold has been in weekly consolidation in the $1987-$1998 range. Yesterday and today is the day of thanksgiving in the US, which reduced the market volatility and, therefore the price movement was reduced to a narrower range.
We are still in a two-week bullish trend after the drop on November 13 to the $1931 level. From there, we went into a bullish consolidation that gets help from the EMA50 moving average. Even after the price pullback in the middle of the week, we remained above the EMA50, and we can expect the price on Friday evening to remain on the positive side.
Silver chart analysis
Last week was bullish for the silver price, while this week, we are looking at a sideways consolidation. This week’s price movement is in the $23.20-$24.15 range and most of the movement was around the $23.80 level. We also have good support in the EMA50 moving average, and we could expect to continue in the same direction in the coming weeks. We need positive consolidation and a move above the $24.00 level to get closer to the upper resistance zone.
A break above would be of great use to us as confirmation to continue to the bullish side. Potential higher targets are $24.20 and $24.40 levels. We need a negative consolidation and a price drop to the $23.40 level for a bearish option. So, we would fall below this consolidation and the EMA50 moving average. Potential lower targets are $23.20 and $23.00 levels.
