Gold price above the $2400, Silver in the $28 – $29 range

Gold chart analysis

During the Asian trading session, the gold price rose to $2417. We saw one bullish impulse that occurred after a quiet consolidation. We stayed up for a short time because already in the next hour, the price started to retreat, and now we are at the $2383 level. We have EMA50 moving average support and hope to hold above.

We need negative consolidation and pullback to the $2370 level for the bearish option. With that, we take a step below the EMA50 and move to the bearish side. With increased bearish momentum, we expect the price to continue its decline to $2360 and the EMA200 moving average.

We expect more serious support in this zone, because we have been above the EMA200 for two months already. Possible lower targets are $2340 and $2330 levels.

Silver chart analysis

The price of silver on Friday continues its sideways consolidation in the $28.00-$29.00 range. During this morning’s Asian session, the price had one bullish impulse up to $28.93. After that, we returned to the initial position at the $28.20 level. On the downside, we have approached the EMA200 moving average at the $28.00 level and expect a test of that support level.

Falling below the price of silver will only worsen the picture on the chart, and after that, we expect a deeper pullback. Potential lower targets are $27.90 and $27.80 levels. We need a move above the $28.50 level for a bullish option. Thus, we turn to the bullish side again and get a new opportunity for recovery. Potential higher targets are $28.60 and $28.70 levels.

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