Gold and silver: The price of gold hovers around $1,890

Gold chart analysis

During the Asian trading session, the price of gold fell to the $1885 support level. We see bullish impulses and a jump to the $1893 level from that level. Now, we are consolidating around $1890 and waiting for a new bullish impulse and a jump to the $1895 level. Then, we should maintain ourselves there in order to start a further positive consolidation from there and continue with the recovery. Potential higher targets are the $1900 and $1905 levels.

We need a negative consolidation and a new pullback to the $1885 level for a bearish option. A break below would mean a further weakening of the gold price and a drop to lower support levels. Potential lower targets are $1880 and $1875 levels.

Silver chart analysis

During the Asian trading session, the price of silver was maintained above the $22.60 level. The current consolidation is pushing us to the $22.90 level, and if it continues like this, we could soon reach the $23.00 level. Additional support for the price of silver is also provided by the EMA50 moving average, which could positively affect the continuation of the recovery. Potential higher targets are $23.20 and $23.40 levels.

We need a negative consolidation and pullback below the $22.60 support level for a bearish option. By breaking below, we would again return to the support zone, which would cause testing of the $22.20 support level. Potential lower targets are $22.00 and $21.80 levels.

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