- The price of gold continues to fall today, extending the downtrend since February 2.
- Yesterday the price of silver fell below $22.00 for the first time in three months.
gold chart analysis
The price of gold continues to fall today, extending the downtrend since February 2. During the Asian trading session, the gold price fell towards the $1851 level, and we are now testing the support at the $1850 level. The dollar index has been stable for a week and is slowly recovering, negatively affecting gold prices.
We need negative consolidation and a drop below the $1850 support for a bearish option. With that, we would form a new lower low, and we would probably see a continuation of the decline in the price of gold. The lower potential targets are the $1840 and $1830 levels. For a bullish option, we need positive consolidation and growth above the $1880 level. If we stay up there, we will have a good starting position for the next push to the upside and a continued rally.
Silver Chart Analysis
Yesterday the price of silver fell below $22.00 for the first time in three months. During the Asian trading session, the silver price fell to the $21.80 level, after which it returned above $22.00 with strong bullish momentum. The price jumps to $22.28, forming a lower high and turning again towards the $22.00 level.
For the bearish option, we need a break below and a negative consolidation for the price to continue to fall. The lower possible targets are the $21.80 and $21.60 levels. For a bullish option, we need positive consolidation and a return to the resistance zone around the $22.60 level. by crossing above, we would move out of the uncomfortable zone significantly and be able to continue the rally.
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