Gold in a bullish surge this morning, silver also positive
- During this morning’s Asian session, the price of gold first retreated to support at the $2424 level.
- This morning, the price of silver gained new support at the $27.20 level.
Gold chart analysis
During this morning’s Asian session, the price of gold first retreated to support at the $2424 level. After that, we saw the initiation of a bullish consolidation and a jump above Friday’s high. A new weekly high was formed at the $2442 level. We are currently stopping there and pulling back slightly to the $2440 level. There is a greater chance that we will see a continuation to the bullish side and form a new weekly high.
Potential higher targets are $2450 and $2460 levels. For a bearish option, gold should pull back below the $2430 level. With that step, we fall below the daily open price and move to the bearish side. The price may look for support in the EMA 50 moving average before continuing further pullback. Potential lower targets are $2415 and $2410 levels. Additional support for gold is the 200 EMA in the $2415 zone.
Silver chart analysis
This morning, the price of silver gained new support at the $27.20 level. This was followed by a bullish consolidation to a new weekly high of $27.95. We are now holding in that zone and hope to break above the $28.00 level. This would further strengthen today’s bullish consolidation, and we could expect the formation of a new weekly high. Potential higher targets are the $28.10 and $28.20 levels.
We need a bearish consolidation price of silver from the current level for a bearish option. A move back down to $27.60 will take us back below the EMA 200 moving average. We are still above the daily open price but under the pressure of the EMA 200. Further negative consolidation will strengthen the bearish momentum and start a further retreat. Potential lower targets are the $27.50 and $27.40 levels.
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