- The price of gold stopped yesterday at $2039.
- The price of silver maintains a downward trend for the second consecutive week.
Gold chart analysis
The price of gold stopped yesterday at $2039. From that level, we started to pull back until this morning at the $2024 level. The decline stops there and with the support of the EMA200 moving average, we go back above and recover to the $2030 level. In the area this morning we had great instability in the price which gave way and fell below. Now we are retesting that area and hope to overcome it. The highest potential targets are the $2035 and $2040 levels.
We need a negative consolidation and pullback below $2025 and EMA200 for a bearish option. We are back down again in an opportunity to test the weekly low. Fresh pressure at that level could easily break out below and form a new low. The possible lowest targets are the $2020 and $2015 levels.
Silver Chart Analysis
The price of silver maintains a downward trend for the second consecutive week. Today, we fell to a new two-week low of $22.25. We see a slight recovery to $22.35, but we remain under downward pressure. We will need to break above $22.50 if we plan to see a bullish recovery. Crossing above $22.50 brings the price back above the daily opening price.
So, we have the opportunity to form a bottom and start a new bullish consolidation. The possible highest targets are the $22.60 and $22.70 levels. Additional resistance in the area around $22.70 is the EMA200 moving average, and this week's opening price is at the $22.94 level. We need a continuation of the negative consolidation and a drop below today's low for the bearish option. The possible lowest targets are the $22.20 and $22.10 levels.
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