- In the first part of this week, the price of gold fell to the level of 2001 dollars.
- This week, we have seen the price of silver pull back towards the $22.37 level.
Gold chart analysis
In the first part of this week, the price of gold fell to the level of 2001 dollars. A low formed Wednesday night; After verification, the gold price successfully consolidated and stopped the decline at that level. On Thursday we saw a bullish consolidation that continued today towards the $2030 level. In the area around this level we find the EMA200 moving average, which could slow down or stop further growth in the price of gold. We need to break through to initiate further growth.
The highest potential targets are the $2035 and $2040 levels. For a bearish option, we need the price to start a pullback to this morning's $2020 support. A drop below would put us under more pressure to continue the pullback, leading to a possible visit to the previous support zone. The possible lowest targets are the $2015 and $2010 levels.
Silver Chart Analysis
This week, we have seen the price of silver pull back towards the $22.37 level. On Monday we started at $23.20 and yesterday we formed the previously mentioned low. We successfully found support and started a bullish consolidation towards the $22.80 level. During the previous Asian trading session, the price moved in the range of $22.70 to $22.80. The current pressure is at the upper level and we expect to see a break above and the formation of a new daily high.
The highest potential targets are the $22.90 and $23.00 levels. In the area around $22.90 we find the EMA200 moving average, which could represent further resistance to further recovery. We need a negative consolidation and a pullback below the $22.70 support level for a bearish option. There we would be under more pressure, resulting in a new retreat. The possible lowest targets are the $22.50 and $22.40 levels.
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