Gold and Silver: Gold was back above $2,670 last night
- Yesterday’s bullish growth in the price of gold was stopped at the level of $2673
- Yesterday’s bullish attempt by silver to return to the previous bullish trend was stopped at the $31.85 level
Gold chart analysis
Yesterday’s bullish growth in the price of gold was stopped at the level of $2673. At that level, we stop and start bearish consolidation. During this morning’s Asian trading session, gold continued to retreat below the $2650 level. A daily low was formed at the $2644 level. For now, we managed to stop the decline and move slightly to $2650. Bearish pressure on the price is still present, which could result in another decline later in the day.
Potential lower targets are $2640 and $2630 levels. Around $2635, we will have a meeting with the EMA 200 moving average, which was our support on Monday. We need a positive consolidation of the gold price above the $2660 weekly open level for a bullish option. Returning to the positive side will increase optimism for a continuation to the bullish side. Potential higher targets are $2670 and $2680 levels.
Silver chart analysis
Yesterday’s bullish attempt by silver to return to the previous bullish trend was stopped at the $31.85 level. From that level, the price turned again to the bearish side and pulled up to the $31.30 level. During this morning’s Asian session, the movement took place in the $31.30-$31.45 range. In the last two hours, new instability on the chart has caused silver to initiate a bearish consolidation to the $31.00 level.
If today’s trend continues, we can expect testing of the weekly low at the $30.86 level. In that zone, bearish momentum will strengthen, and a further retreat to a new low will follow. Potential lower targets are $30.80 and $30.60 levels. For a bullish option, silver must first move back above the EMA 200 moving average. After we stabilize again, we can expect the initiation of bullish consolidation above the $31.40 level. Potential higher targets are $31.60 and $31.80 levels.
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