Gold and Silver: Gold climbs to $1965 and above EMA50
The price of gold fell to $1,924 yesterday, forming a three-month low. Yesterday we saw a pullback in the price of silver to the $23.20 level.Gold chart analysis
The price of gold fell to $1,924 yesterday, forming a three-month low. We quickly consolidated below and climbed above the $1950 level with new momentum. Then we see the continuation of the bullish consolidation and growth to the $1960 level. During the Asian trading session, the price moved in the $1955-$1960 range.
At the $1955 level, we received support in the EMA 50 moving average, which had a positive effect later, as the price returned above the $1960 level. Now we are on the way to climb up to $1965 and maybe even reach the $1970 level. Thus, we would climb to the upper edge of the June gold price movement channel.
Silver chart analysis
Yesterday we saw a pullback in the price of silver to the $23.20 level. After the drop, the price quickly retreated to $23.40 and formed a new bottom there, from which a bullish impulse followed to the $23.80 level. During the Asian session, the price of silver continued with bullish consolidation, and very quickly, we found ourselves above the $23.90 level.
Additional support is now provided by the EMA50 moving average to continue the recovery and break the $24.00 level. Potential higher targets are $24.10 and $24.20, and $24.30. At the $24.30 level, we would reach the upper line of this channel, and there we could expect the price to stop and make the next pullback.
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