Gold and silver: the price of gold crosses the $2350 level

Gold chart analysis

The price of gold is recovering after falling to the $2291 level on Tuesday. The growing bullish consolidation managed to climb the euro to the $2350 level today. We have crossed the EMA200 moving average and have its support. We hope that this trend will continue and that the price of gold will rise to higher levels.

Potential higher targets are $2360 and $2370 levels. We need a negative consolidation and pullback below the EMA200 and $2340 levels for a bearish option. This would only increase the bearish pressure on the price, which would negatively result in a further pullback to the bearish side. Potential lower targets are $2330 and $2320 levels.

Silver chart analysis

The price of silver has been in a bullish consolidation since Tuesday. Today, we see the crossing of the EMA200 and the $27.70 level. We expect to see further price recovery and continuation to the bullish side. Potential higher targets are $27.80 and $28.00 levels. We are still very far from this week’s high at the $28.78 level, but we are on a bullish path.

We need a pullback below the EMA200 moving average and the $27.60 level for a bearish option. After that, we go down to $27.40 and test the daily open price there. Going below will only strengthen the bearish momentum, and the price of silver will be forced to retreat to lower levels. Potential lower targets are $27.20 and $27.00 levels.

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