Gold and silver: The price of gold fell to $1910 yesterday

During the Asian trading session, the price of gold retreated to the $1910 level. The price of silver was in the $22.60-$22.80 range yesterday.

Gold chart analysis

During the Asian trading session, the price of gold retreated to the $1910 level. The price is managed to get support at that level and recover to the $1917 level. If this kind of consolidation continues, we could see the price of gold at the $1920 level. The next target is the $1930 level, and we encounter the EMA50 moving average there. Then, we need a break above for further continuation to the bullish side. Potential higher targets are $1935 and $1940 levels.

We need a negative consolidation and pullback to the support zone at the $1910 level for a bearish option. A break below would take us to the $1900 level. The last time we were, there was almost two months ago. Potential lower targets are $1890 and $1880 levels.

Silver chart analysis

The price of silver was in the $22.60-$22.80 range yesterday. Today, we continue in that rhythm, and the current price is $22.70 in the middle of that side channel. We need a positive step that would move us above the $22.80 level. Then it would be necessary to hold on there and to start a further recovery of the price of silver with a new impulse. Potential higher targets are $22.90 and $23.00 levels.

We need a negative consolidation and a drop below the $22.60 support level for a bearish option. Thus, we would form a new low and confirm the bearish continuation. Potential lower targets are $22.50 and $22.40, lows from June.

 

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