Gold and Silver: Gold remains stable above $2060 level
The price of gold rose yesterday to the highest value of the previous three weeks at the $2088 level. The price of silver this week stopped at the $24.50 level.Gold chart analysis
The price of gold rose yesterday to the highest value of the previous three weeks at the $2088 level. There was a pause at that level, and we saw a pullback that brought the price of gold down to the $2065 level last night. During the Asian trading session, the price recovered to the $2075 level. We are now encountering resistance in that zone and restarting the pullback, descending to the $2068 level. This bearish consolidation could lead to a test of the previous low, and we may see a drop below.
Potential lower targets are $2060 and $2055 levels. Additional support in the zone around $2055 is the EMA50 moving average. For a bullish option, we need to get back above $2075. Then, we need to stay there and start recovery with positive consolidation. Potential higher targets are $2080 and $2085 levels.
Silver chart analysis
The price of silver this week stopped at the $24.50 level. That’s where we encounter resistance and start a retreat that continues today. This week’s low was formed a few moments ago at $23.69. So far, Sebro has not shown any signs that we could see a definite recovery. So we expect to see further pullback to lower levels. Potential lower targets are $23.65 and $23.60 levels.
We need to return to the previous resistance zone around $23.90 for a bullish option. Then we would have to hold up there, and a new positive consolidation would trigger a recovery. Potential higher targets are $24.00 and $24.10 levels. Additional resistance awaits us in the EMA50 moving average at the $24.10 level.
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