- During the Asian session this morning, the price of gold received support at the $2390 level.
- Silver prices fell to $26.48 on Monday, forming a weekly low.
Gold Chart Analysis
During the Asian trading session this morning, the gold price found support at the $2390 level. After that, we observed the start of a bullish consolidation above $2400. A daily high was formed at $2405, and we are testing the EMA 50 moving average here. If we find support, we can expect to start further growth on the bullish side. Possible higher targets are the $2410 and $2420 levels.
Gold price could face resistance at $2410 and the 200 EMA before continuing the recovery. We need a negative consolidation and a return to this morning’s support for a bearish option at $2390. The momentum below will form a new low and hence confirm that the price is under pressure to continue on the bearish side. Possible lower targets are the $2380 and $2370 levels.
Silver Chart Analysis
Silver price fell to $26.48 on Monday, forming a weekly low. The subsequent decline was halted and the price started a sideways consolidation. During the Asian session this morning, the movement occurred in the range of $26.60 to $27.20. The EMA 50 moving average exerts additional pressure on the upper line of this range. We would need to skip that level if we plan to start a bullish consolidation.
Possible upper targets are the $27.40 and $27.60 levels. The 200-day EMA is still slightly above the $28.00 level. For a bearish option, silver price would have to revisit the $27.60 support. The renewed pressure could easily push silver price to a new daily low and thus confirm the bearish momentum. Possible lower targets are the $26.60 and $26.40 levels.
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