Gold Price Surges to New Highs Above $2200 level
- On Wednesday evening, the price of gold rose to a new all-time high at the $2222 level.
- The price of silver fell to a new weekly low this morning at the 24.38 level.
Gold chart analysis
On Wednesday evening, the price of gold rose to a new all-time high at the $2222 level. After that, the price made a retreat to $2200, which it tried to consolidate yesterday. With the start of the US session, the price of gold begins to retreat and falls to the $2165 level. During this morning’s Asian trading session, gold tried to hold above $2180 but failed to do so, and we saw a drop to the $2162 level.
There, we find the EMA200 moving average, which, for now, provides us with support and keeps the price of gold above. It does not bring any results because we are still below the $2170 level. Gold remains under bearish pressure, and the question is how long the EMA200 support will last. Potential lower targets are $2160 and 21554 levels.
Silver chart analysis
The price of silver fell to a new weekly low this morning at the 24.38 level. The day before, we saw it at $25.77, where we formed a weekly silver price high. Yesterday, a strong bearish impulse pushed the price below $25.00. During this morning’s Asian trading session, the price failed to hold above $24.70 and fell to a new low. For now, we are holding above, but we remain under bearish pressure.
Potential lower targets are $24.50 and $24.40 levels. We need a return above $24.80 for a bullish option and the EMA50 moving average. Then we need to hold up there in order to initiate a bullish consolidation from there to continue to the bullish side. Potential higher targets are $24.90 and $25.00 levels. By moving above $25.00, we get support and the EMA50 moving average.
