Gold and silver: the price of gold is holding above $1915
The price of gold has been under pressure this week below the EMA50 moving average. Yesterday’s attempt by the price of silver to hold above $23.20 ended unsuccessfully.Gold chart analysis
The price of gold has been under pressure this week below the EMA50 moving average. Only in the first two days of this week we managed to stay above the EMA50, after which we saw a break below, and the price dropped yesterday to the $1902 level.
During the Asian trading session, the price of gold consolidated at the $1910 level. After which, we see a bullish impulse and a jump to the $1915 level. We are now trying to stabilize higher here before continuing to the $1920 level and the EMA50 moving average. Potential higher targets are the $1925 and $1930 levels.
We need a negative consolidation and pullback to the $1910 level for a bearish option. A price break below would mean a likely continuation of the decline not lower than the support level. Potential lower targets are the $1900 and $1890 levels.
Silver chart analysis
Yesterday’s attempt by the price of silver to hold above $23.20 ended unsuccessfully. A strong pullback followed, and the price fell to $22.50. During the Asian trading session, the price of silver moved in the range of $22.60-$22.70.
Now we need a positive consolidation to trigger a bullish option. We need a break above the $22.80 level, then try to hold above there. And with a new impulse, we would start to continue the recovery of the price of silver. Potential higher targets are $22.90 and $23.00 levels.
We need a negative consolidation and a new test of the previous low at the $22.50 level for a bearish option. Falling below will lead to the formation of a new low, which would confirm a potential continuation to the bearish side. Potential lower targets are $22.40 and $22.30 levels.
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