- Yesterday, the price of gold fell to a new six-month low of $1,857.
- Yesterday we saw a pullback in the price of silver to the $22.38 level.
Gold chart analysis
Yesterday, the price of gold fell to a new six-month low of $1,857. During the Asian session the price managed to consolidate and start a recovery. We are currently at the $1,872 level and we could expect to see continued growth above the $1,880 level. If we were successful in our intention to break above $1880, we would have the opportunity to continue on the bullish side.
The highest potential targets are $1885-$1890 levels. We need a negative consolidation and a fresh pullback to the $1860 support level for a bearish option. A break below could lead to the formation of a new low and thus confirm a bearish option. The possible lower targets are the $1855 and $1850 levels.
Silver Chart Analysis
Yesterday we saw a pullback in the price of silver to the $22.38 level. After that, we managed to get support in that area and start a bullish consolidation. During the Asian session, we saw strong bullish momentum pushing the price towards $23.00. For now we have resistance in that area and we are consolidating around that level. The EMA50 moving average provides additional support and based on that, we could expect the recovery to continue. The possible highest targets are the $23.20 and $23.40 levels.
We need a negative consolidation and a pullback to the $22.50 level for a bearish option. We are very close to testing the previous low of $22.38. A break below and the formation of a new low would mean that we continue to the bearish side. The possible lowest targets are the $22.30 and $22.20 levels.
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