Gold price recovers, Silver retreated to $22.50 this morning
- This week’s gold price managed to hold and recover from last week’s decline.
- The price of silver has been in a bearish trend since the beginning of the week.
Gold chart analysis
This week’s gold price managed to hold and recover from last week’s decline. On Thursday, a weekly high was formed at the $2034 level. After that, we start pulling back to support at the 2020$ level. There we encounter the EMA200, which at that moment gives us its support and pushes us to the $2028 level. There, we stop again and start retreating.
During the Asian trading session, the price continues to slide, breaking the support at $2020. This leads to the formation of a new daily low at the 2016$ level. If we continue on that side, potential lower targets are $2015 and $2010. We need an impulse to the $2025 level for a bullish option. This would bring us back above the EMA200 moving average, which could positively affect the further movement of the gold price. Potential higher targets are $2030 and $2035 levels.
Silver chart analysis
The price of silver has been in a bearish trend since the beginning of the week. After the price retreated below the $23.20 level, a bearish pressure did not allow us to go back above that level. In the previous four days, we had the same number of attempts to climb above, but we failed. So yesterday we saw a bearish consolidation and a drop below $22.80, which further reduced optimism in a possible recovery.
During the Asian trading session, silver continues to fall all the way to the $22.54 level. For now, we have support at that level and are recovering slightly to the $22.70 level. While in the zone, around $22.75, we encountered resistance that could send us back to the bearish side from there. Potential lower targets are $22.50 and $22.40 levels.
