- Gold price was forced to test the weekly support level again on Thursday.
- On Wednesday, the price of silver has been consolidating in the support zone for some time.
Gold chart analysis
Gold price was forced to test the weekly support level again on Thursday. After a successful test, we saw the start of a bullish consolidation to the $2630 level. Then, during the Asian session this morning, gold continued to rise towards the $2,647 level, forming a new three-day high there. We are currently finding resistance in that area and pulling back towards the $2640 level.
The EU session put pressure on gold and we should see a fresh decline to the EMA200 moving average in the $2633 area. If the support is not adequate, the price will have to fall to a new daily low. The possible lower targets are the $2625 and $2620 levels. For a bullish option, we plan to stay above the 200 EMA moving average. After that, the price has a new opportunity to start a bullish consolidation and return to the uptrend. The highest potential targets are the $2645 and $2650 levels.
Silver Chart Analysis
On Wednesday, the silver price spent some time consolidating in the support zone. A bullish consolidation began on Thursday towards the $31.00 level. During the Asian trading session this morning, the price continued to rise to $31.34, forming a three-day high at that level. With the start of the EU session, the price loses its bullish momentum and turns bearish. The bearish pressure is strengthening again as we retrace below the 200 EMA moving average.
If we do not stabilize at the $31.00 zone soon, the pullback will continue to a new daily low. The possible lower targets are the $30.80 and $30.60 levels. For a bullish option, we need to break above the 200 EMA and $31.20 again. After that, we expect the bullish momentum to strengthen and with the support of the moving average, we will start an uptrend. The possible highest targets are the $31.40 and $31.60 levels.
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