Gold Price Hits New High, Surpasses $2088 Level on Friday
- The price of gold surged to the $2088 level on Friday, marking a new high for the year.
- Friday was very positive for the price of silver as we witnessed a surge to a new high at the $23.26 level.
Gold Chart Analysis
The price of gold surged to the $2088 level on Friday, marking a new high for the year. During the Asian trading session, prices successfully held above the $2080 level. This has led to another retest and attainment of Friday’s high. Gold enjoys good support, and we could see further upward movement towards new price highs this week. Potential higher targets are the $2090 and $2100 levels.
Gold would significantly retreat from the previous high if the price falls below the $2080 level. We would also witness a drop to a new daily low, confirming the bearish scenario. A new bearish impulse would initiate a retreat, aiming to eliminate the imbalance in price from Friday. Potential lower targets are the $2070 and $2060 levels.
Silver Chart Analysis
Friday was very positive for the price of silver as we witnessed a surge to a new high at the $23.26 level. Subsequently, we retraced to the $23.10 level. During the Asian trading session, the price pulled back further to $23.00, where it found support and turned bullish again. We are back above $23.10 and expect to see further bullish momentum. Potential higher targets are the $23.20 and $23.30 levels.
We need a negative consolidation and a new pullback below $23.00 for the bearish scenario. A drop below this level would form a new daily low, confirming our bearish stance. We then anticipate the price to be under bearish pressure and continue to retreat to lower levels. Potential lower targets are the $22.904 and $22.80 levels. The EMA200 moving average is around the $22.72 level, where we hope to see the decline in the price of silver halt.
