Gold and Silver: the price of gold retreated to the $1990
During the Asian trading session, the price of gold retreated from $2006 to the $1991 level.
During the Asian trading session, the price of silver consolidated just above the $23.00 support level.
Gold chart analysis
During the Asian trading session, the price of gold retreated from $2006 to the $1991 level. Last week’s bullish gold price trend was stopped at $2009. Today, we find support in the zone around the $1990 level, and we see that the price is making the first bullish impulse to the $1996 level.
A return above the $2000 level could push the price to break past the previous high and form a new high. Potential higher targets are the 2010$ and 2015$ levels.
For a bearish option, we need a negative consolidation and a drop below the support at the $1990 level. This consolidation would lead to the formation of this week’s new low, and the price would drop into last week’s support zone. Potential lower targets are $1985 and $1980 levels.
Silver chart analysis
During the Asian trading session, the price of silver consolidated just above the $23.00 support level. We now see a breakout above this consolidation to the $23.20 level. We expect a continuation of the $23.30 level.
Last week, we had resistance in that zone, and we need a jump to $23.40 in order to close the bearish gap from the beginning of the previous week. Potential higher targets are $23.50 and $23.60 levels.
For a bearish option, we need a negative consolidation and pullback below the $23.00 support level. After that, we can see the price at the $22.90 level and test the support of the EMA50 moving average there.
A fall below this support would cause us to go into a deeper pullback in the price of silver. Potential lower targets are $22.80 and $22.70 levels.
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