Gold and silver: The gold at a seven-day high at $2030
The price of gold is in a seven-day bullish trend after falling to $1,984 last Wednesday.
In the previous three days, the price of silver was in the $22.90-$23.20 range.
Gold chart analysis
The price of gold is in a seven-day bullish trend after falling to $1,984 last Wednesday. Yesterday, we saw a move above the $2020 level and the formation of a new high at the $2030 level. During the Asian trading session, the price successfully held above the $2025 support level. After that, we started a positive consolidation, and here we are again at $2030. Everything says we will continue on the bullish side and climb higher. Potential higher targets are $2035 and $2040.
For a bearish option, we need a price drop below $2025. With that, we would have retreated below the Asian low. After that, the price of gold would be under more pressure to continue its pullback until the next better support. In the zone around $2020, we encounter the EMA200, which could stop further decline. If the support does not hold, potential lower targets are $2015 and $2010.
Silver chart analysis
In the previous three days, the price of silver was in the $22.90-$23.20 range. Today, we continue in the same direction with a slight bullish touch. The current price is $23.07 and is headed towards the $23.20 resistance level. We need a breakout above in order to get rid of this channel and start a further recovery with relief. Potential higher targets are $23.30 and $23.40 levels.
If the price fails to break through the resistance zone, we will see a return to the $22.90 support level. A drop below leads to the formation of a new daily low, and we expect it to be around $22.80. This is where we come across the EMA200 moving average. Failure to hold above it will push the price down and thus strengthen the bearish option. Potential lower targets are $22.70 and $22.60 levels.
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