Gold and Silver: Gold is climbing to the $1889 level

The price of gold has been in a strong bullish trend since the beginning of the week, with the $1830 level. This week, the price of silver was moving in the $21.50-$22.25 range.

Gold Chart Analysis

The price of gold has been in a strong bullish trend since the beginning of the week, with the $1830 level. During the Asian trading session, the price of gold received support at the $1867 level and began a bullish consolidation. In the previous hour, we saw a breakout above yesterday’s high and the formation of a new one at the $1889 level.

The reason for this week’s jump in the price of gold is the instability in the Middle East. Based on current developments, we can expect the gold price to continue to rise as it is a safe haven for investors. Potential higher targets are $1895 and $1900 levels. We need a negative consolidation and a breakdown below this morning’s support at the $1867 level for a bearish option. Potential lower targets are $1860 and $1850 levels.

Silver Chart Analysis

This week, the price of silver was moving in the $21.50-$22.25 range. Yesterday, we saw a pullback to the support level, and during the Asian session, we started a bullish consolidation and climbed to the $22.10 level. We are very close to testing the previous resistance level. A breakthrough above would be of great importance to us for further continuation to the bullish side. Potential higher targets are $22.40 and $22.60 levels.

We need a negative consolidation and pullback below this morning’s support at the $21.80 level for a bearish option. After that, we would pull back below the EMA50 moving average, and we would be in a position to test this week’s low at the $21.50 level. Potential lower targets are $21.40 and $21.20 levels.

 

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