Gold price is back above $2390 today, Silver at the $29.00
- The price of gold has been in a bullish trend since the start of this week.
- The price of silver returned to the $29.00 level yesterday.
Gold chart analysis
The price of gold has been in a bullish trend since the start of this week. On Monday, we stayed above the $2350 level and climbed up to the $2390 level. Tuesday brought a new pullback and retest at $2360; after a check with bullish consolidation, we are rising again to the $2400 level. During this morning’s Asian trading session, we get support at the $2370 level. We start the bullish consolidation again and make a jump above the $2390 level.
For now, we have resistance in that zone, but we expect to see a new rise in the price of gold above the $2400 level. Potential higher targets are the $2410 and $2420 levels. We need a negative consolidation and pullback below this morning’s support for a bearish option at $2370. By falling below, we go to a new daily low and thereby get confirmation that we are under certain bearish pressure. Potential lower targets are $2360 and $2350 levels.
Silver chart analysis
The price of silver returned to the $29.00 level yesterday. As last time, we have resistance at that level, which triggers a bearish consolidation up to the $27.90 level. We find support at that level and move back above the $28.00 level. During this morning’s Asian session, the price of silver started a positive consolidation and climbed to $28.60. Thus, we climb above the EMA50 moving average and expect its support.
We need a continuation of this consolidation for a further bullish trend. Potential higher targets are $28.70 and $28.80 levels. We need a negative consolidation and pullback to the $28.30 level for a bearish option. This brings us back below the EMA50, which increases the bearish pressure. Potential lower targets are $28.20 and $28.10 levels.
