- During the Asian session this morning, the gold price was in a bearish consolidation with the $2736 level.
- The price of silver continues a bearish trend for the third day, with the formation of a weekly low at the level of $33.10.
Gold chart analysis
During the Asian session this morning, the price of gold consolidated lower with the $2,736 level. In the EU session, the pressure on the price continues and we see the formation of a daily low at the level of $2719. With this step, we fell below the weekly opening level, which could be a problem for a possible continuation towards the bullish side. Now, gold is under pressure to continue its pullback and seek new support.
The possible lower targets are the $2710 and $2700 levels. The 200 EMA moving average in the $2710 area could slow down or stop the decline in gold price. For a bullish call, the price must first return above $2720 and the weekly opening level. Once we stabilize there again, we have the opportunity to start a bullish consolidation. The highest potential targets are the $2730 and $2740 levels.
Silver Chart Analysis
The price of silver continues a bearish trend for the third day, with the formation of a weekly low at the level of $33.10. During the Asian trading session this morning, the price intensified the bearish consolidation, leading to a break below $33.50. We are getting closer to breaking below the $33.00 level. The price broke below the 200 EMA moving average, which will only strengthen the bearish momentum to continue to the next lower support.
The possible lower targets are the $32.80 and $32.60 levels. For a bullish option, silver needs to rally back above $33.20 and the 200 EMA. So, we need to stabilize there before starting the recovery. After that, the next resistance is in the $33.60-$33.70 area. We will test the weekly opening level there and hope to surpass it and return to the bullish side. The highest potential targets are the $33.80 and $34.00 levels.
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