- This week’s gold price movement took place in the $1960-$1995 range.
- The price of silver has been declining since the beginning of this week.
Gold chart analysis
This week’s gold price movement took place in the $1960-$1995 range. We are currently at the $1986 level and we expect to see a continuation of the bullish rally above the $1990 level. It would be nice if we manage to reach the $2,000 level by the end of this week.
It would be good to rise to the $1995 level as a bullish option. Therefore, we would be close to $2,000 and a break above could occur. The highest potential targets are the $2010 and $2020 levels.
We need negative consolidation and a pullback to $1970, yesterday’s support level, for a bearish option. A break below would see us form a new lower low, which would reinforce the bearish option. The possible lower targets are the $1960 and $1950 levels. Additional support for the $1960 level is the EMA50 moving average.
Silver Chart Analysis
The price of silver has been declining since the beginning of this week. This week’s high occurred on Monday at the $23.40 level. After that, the price made a bearish consolidation and we mainly moved in the $22.60-$23.20 range. Yesterday we saw bearish momentum towards the $22.40 level, but the price quickly returned above $22.60. We are now at $22.85 and fighting against the EMA50 moving average to get its support.
We need a break above the $23.00 level to remove the bearish pressure and continue towards the previous high. The possible highest targets are the $23.20 and $23.40 levels. We need negative consolidation and a pullback to the $22.60 support level for a bearish option. A drop below would indicate that we are on track to go even lower. The possible lowest targets are the $22.40 and $22.20 levels.
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