- During the Asian session this morning, the price of gold rose to $2,529, a new weekly high.
- During the Asian trading session this morning, the price of silver retreated below the $30.00 level.
Gold Chart Analysis
During the Asian session this morning, the gold price rose to $2,529, a new weekly high. After that, a bearish consolidation followed and a pullback below the weekly opening price of $2,512. The price then formed a weekly low at the $2,501 level. The pressure is mounting on the gold price to continue its pullback below the EMA 50 moving average and the $2,500 level.
Possible lower targets are the $2495 and $2490 levels. For a bullish option, we need a positive consolidation and a return above $2520. Then, gold needs to hold there to continue the bullish momentum. After that, we expect a test of this morning's high and the formation of a new one. Possible upper targets are the $2535 and $2540 levels.
Silver Chart Analysis
During the Asian session this morning, the silver price retreated below the $30.00 level. The support at the weekly opening price of $29.80 also did not hold, but we saw strong bearish momentum below it. The price dropped to $29.30 at the EMA 200 moving average. The decline has stopped for now and silver has support here. To get back to the bullish side, we need positive consolidation and price stabilization above the $29.60 level.
After that, the chances of a further advance to the bullish side increase. Possible upper targets are the $29.70 and $29.80 levels. For a bearish option, we need a negative consolidation and a pullback of silver below the EMA 200 moving average. With that, we move to a new weekly low and confirm that we are in a bearish pattern. Possible lower targets are the $29.20 and $29.10 levels.
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