- The price of gold rallied back above the $1,950 level after almost a year.
- During the Asian trading session, the price of silver rallied above the $24.00 level.
gold chart analysis
The price of gold rallied back above the $1,950 level after almost a year. During the Asian session, the price of gold touched the $1960 level. We are now at $1955 and the price is still very well positioned. We need a continuation of the positive consolidation that would make a breakthrough above the $1960 level.
So we would have to try to stay above if we want to see further growth in the price of gold. The highest potential targets are the $1,970 and $1,980 levels. We need negative consolidation and a drop below the $1950 level for a bearish option. The lower potential targets are the $1,940 and $1,930 levels.
Silver Chart Analysis
During the Asian trading session, the price of silver rallied above the $24.00 level. The price continues the bullish trend during the European session and makes a new high at the $24.30 level. If the current momentum continues, the silver price should conquer higher levels on the chart. The highest potential targets are the $24.40 and $24.50 levels.
We need negative consolidation and a retest of the $24.00 level for a bearish option. A break below would signify potential weakness in the price of silver. The lower possible targets are the $23.90 and $23.80 levels.
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