Gold and Silver: Gold is back at $1930 for new support
During the Asian trading session, the price of gold retreated from $1945 to the $1935 level. The price of silver fell to the $23.19 level on Friday, forming the August low at that point.Gold chart analysis
During the Asian trading session, the price of gold retreated from $1945 to the $1935 level. The price remains under pressure at that level, trying to stay there and stop further decline. We need a new positive consolidation and a move above the $1940 level for something like that. After that, we could expect to revisit $1945, this morning’s resistance level.
In the zone around $1948, we encounter the EMA50 moving average, which can be an additional burden for the price of gold. We need a break above if we want to see gold at higher levels. Potential higher targets are the $1950 and $1955 levels.
We need a negative consolidation and a drop below the support at the $1935 level for a bearish option. After that, we should expect the price to visit the $1930 support zone. Potential lower targets are the $1925 and $1920 levels.
Silver chart analysis
The price of silver fell to the $23.19 level on Friday, forming the August low at that point. A quick recovery followed, and the price jumped to $23.80. During the Asian trading session, the price of silver began a new retreat, and we are now at the $23.40 level. Pressure at this level could make the price fall to $23.30.
Below, we would be very close to testing last week’s low and possibly forming a new one. Potential lower targets are $23.20 and $23.10 levels. We need a positive consolidation and a return above the $23.70 level for a bullish option. Then, it is necessary to maintain up there and to start further recovery with a new bullish impulse. Potential higher targets are $23.80 and $23.90 levels.
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