Gold and Silver: Gold is holding above the $1920 level

The price of gold has been in retreat this week from the $1,945 level on Monday. During this week, we saw silver prices were in bearish consolidation from $24.80 to $22.82.

Gold chart analysis

The price of gold has been in retreat this week from the $1,945 level on Monday. We formed a new weekly low at the $1915 level on Wednesday. Since then, we have seen a bullish consolidation and price recovery to $1928 until this morning. Now, we have an opportunity to reach the $1930 level. So, we would climb above the EMA50 moving average and get its support. Potential higher targets are $1935 and $1940 levels.

We need a negative consolidation and a price pullback below the $1920 level for a bearish option. After that, we enter the zone of the previous low at the $1915 level. A price break below would mean further weakening of the gold price. Potential lower targets are the $1910 and $1905 levels.

Silver chart analysis

During this week, we saw silver prices were in bearish consolidation from $24.80 to $22.82. Yesterday, we saw the formation of a new low, and since then, we have been recovering slightly. We are back above the $23.00 level and are now trying to hold here before continuing with further recovery. Potential higher targets are $23.20 and $23.40 levels.

We need a negative consolidation and pullback to the $22.80 support level for a bearish option. A price break below would mean forming a new low and confirming a bearish option. Potential lower targets are $22.60 and $22.40 levels.

 

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