Gold and Silver: Silver under pressure below $25.00 level
The price of gold reached $2160 yesterday and formed a new high there.
The price of silver has been in retreat since the beginning of this week.
Gold chart analysis
The price of gold reached $2160 yesterday and formed a new high there. This is a lower high compared to Monday, indicating that gold does not have that much strength and that a pullback is coming. That happened during this morning’s Asian session, and the price retreated below the $2155 level. The decline stopped at $2152, where we also met the EMA200 moving average. For now, we remain stable above that level and move up to $2154.
We need a positive consolidation to return to the $2160 zone. Above, we have a better position to start a resistance to the bullish side with the next impulse. Potential higher targets are the $2162 and $2164 levels. For a bearish option, we need a negative consolidation and a drop below $2152 and EMA200. Thus, we fall below the support level, intensifying the bearish pressure. Potential lower targets are the $2150 and $2148 levels.
Silver chart analysis
The price of silver has been in retreat since the beginning of this week. Yesterday, we had a stronger drop below the $25.00 level to $24.71. Since then, we have been consistently below $25.00 and under pressure from the EMA50 moving average. This morning, we had one bullish attempt during the Asian session to move above the but failed to do so. A bearish consolidation followed by a pullback to the $24.75 level.
If this week’s trend continues, the price of silver will be forced to decline. Potential lower targets are the $24.70 and $24.65 levels. The EMA200 moving average provides additional support for silver in the $24.65 zone. For a bullish option, we need to get back in the zone around $25.00. With a break above, we release the bearish pressure, and it will be easier for us to continue the recovery.
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