Gold and Silver: Prices of the metals continue to rise
- The price of gold has continued the bullish trend since the beginning of the year.
- During the Asian trading session, the price of silver managed to hold above the $24.00 level.
Gold chart analysis
The price of gold has continued the bullish trend since the beginning of the year. We started this year at the $1823 price and are now at the $1860 level. The weak dollar index led to an increase in the price of precious metals. We could see a correction to the $1850 level, where we could expect the first potential support for the continuation of the bullish option. This is where we need a new positive consolidation. Then we need to go up again and move above today’s high. Potential higher targets are the $1870 and $1880 levels. We need a negative consolidation and pullback below the $1850 level for a bearish option. After that, we could see a further pullback in the price of gold. Potential lower targets are the $1840 and $1830 levels.
Silver chart analysis
During the Asian trading session, the price of silver managed to hold above the $24.00 level. This was followed by a bullish impulse and a move toward the $24.40 level. We now have resistance at that level and see a minor pullback to the $24.25 level. We can say that the pressure is now on the upper resistance zone and that we could soon see a break above, and the silver price continues to rise. Potential higher targets are the $24.60 and $24.80 levels. For a bearish option, we need a negative consolidation pullback to support the $24.00 level. A break below would signify a potential further decline in the price of silver. And lower targets are $23.80 and $23.60 levels. We could look for stronger support in the $23.40-23.60 zone.