Gold and Silver: the price of gold falls below the $2025
The price of gold on Friday sharply dropped from $2057 to $2028. After a relatively positive week for the silver price in the first part, we saw a big pullback on Friday.Gold chart analysis
The price of gold on Friday sharply dropped from $2057 to $2028. Positive US news from the NFP report and reduced unemployment caused the dollar to rise and metal prices to fall. At the end of the week, the price closed at the $2039 level.
During the previous Asian trading session, the price of gold started a new bearish consolidation, breaking below the previous low and forming a new one at the 2021$ level. Potential lower targets are $2020 and $2015 levels.
The two-week low price of gold has been at the $2009 level since January 25. We need a new positive consolidation and a return above the $2030 level for the gold price to recover. This would allow us to move from this morning’s low and break away from the bearish momentum.
The return of the price to $2040 would significantly increase the bullish momentum for further recovery. We would get additional support in EMA200, which would mean a lot to us. Potential higher targets are $2045 and $2050 levels.
Silver chart analysis
After a relatively positive week for the silver price in the first part, we saw a big pullback on Friday. The price fell from $23.30 to $22.40 level. Later, the price recovered to $22.70, where it stayed at the end of Friday. At the beginning of the Asian session, it was immediately clear that the price remains under pressure and that we continue the previous bearish consolidation.
This leads to a new decline and a test of support at the $22.40 level. New pressure leads to a breakout below and the formation of this week’s low. Potential lower targets are $22.30 and $22.20 levels. For a potential recovery and triggering a bullish option, we need to climb above the $22.60 level.
Then the price would have to be maintained there above if it plans to start further growth to higher levels. Potential higher targets are $22.80 and $22.90 levels.
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