- During the Asian session this morning, the gold price was in a bullish consolidation.
- During the Asian session this morning, the price of silver successfully held above the $30.60 level.
Gold Chart Analysis
During the Asian trading session this morning, the gold price was in a bullish consolidation. We started the day at $2,364 before moving up to the $2,374 level. We expect to see further growth on the bullish side as the price is still in an uptrend. That could push gold above the $2,380 level, the previous high from Monday. By crossing above this level, the price could continue its recovery much more easily.
Possible upper targets are the $2385 and $2390 levels. We need to see a negative consolidation of the gold price up to the $2364 level for a bearish option. There, we will retest the daily opening price. Going down, we move to the downside, which will increase the pressure on the gold price. Possible lower targets are the $2360 and $2355 levels. Additional support in the $2355 zone is the EMA 200 moving average.
Silver Chart Analysis
During the Asian session this morning, the silver price successfully held above the $30.60 level. On the upside, we found resistance at the $31.00 level. This week's movement is in the range of $30.40 to $31.20. Today's movement range is narrower at $30.60 to $31.00 and we expect a stronger push to the bullish or bearish side soon. A break above the $31.20 level would trigger a bullish option for silver.
With such a move, silver would be released from the previous pressure and could continue unhindered towards the bullish side. Possible upper targets are the $31.40 and $31.60 levels. For a bearish option, we need a negative consolidation and a pullback to the $30.40 level. There, we will test the support of the EMA 200 moving average. Possible lower targets are the $30.20 and $30.00 levels.
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