- During the Asian trading session, gold was unable to break above the $1850 level.
- During the Asian trading session, the silver price pulled back below the $21.00 level.
gold chart analysis
During the Asian trading session, gold was unable to break above the $1850 level. It was followed by a pullback and a pullback to the $1842 level. If this type of consolidation continues, the gold price could test the $1840 level. Additional price support at that level is at the EMA 50 moving average. A drop below could further add to the downside pressure and lower the price of gold. The lower potential targets are the $1830 and $1820 levels. We need positive consolidation and yield above the $1850 level for a bullish option. So we have to hold there to try and retest the previous high at the $1858 level. The highest potential targets are the $1860 and $1870 levels.
Silver Chart Analysis
During the Asian trading session, the price of silver pulled back below the $21.00 level. An attempt to rally to the $21.20 level failed, and the price began to pull back. We are now looking at $20.90 as first support. A break above would signify a continuation of the negative consolidation and a pullback to the $20.80 level, and possibly the $20.70 support level. The low price for silver last week was at the $20.40 level. We need further positive consolidation and a yield above the $21.00 level for a bullish option. Then we need to stay there so that we can consolidate and begin the continued recovery. The highest potential targets are the $21.20 and $21.30 levels.
