- The price of gold rose to $2,669 last night, marking a new high
- During the Asian session this morning, the price of silver consolidated bullishly.
Gold chart analysis
The price of gold rose to $2,669 last night, marking a new high. After that, we fell into a strong sideways consolidation. During the Asian session this morning, the price gained fresh bullish momentum and surpassed the $2,670 level. We continued up to $2677 and a weekly high was formed. Gold is currently at $2,676 and is close to making a new weekly high. The highest potential targets are the $2680 and $2685 levels.
For a bearish option, gold price must first start a bearish consolidation to the $2,665 support zone. If support does not hold and bearish momentum increases, we expect to see a new pullback below the daily opening level. Next, we will have the opportunity to test the weekly opening level to stay positive. The possible lower targets are the $2655 and $2650 levels.
Silver Chart Analysis
During the Asian session this morning, the price of silver consolidated bullishly. In the EU session, the price continued to rise to a new weekly high of $31.80. We managed to break through the $31.60 resistance zone and Friday's high. Everything indicates that there are good chances of seeing a further recovery on the bullish side. The highest potential targets are the $32.00 and $32.20 levels.
For a bearish option, we expect the silver price to retrace below $31.60 and test the weekly opening level. This time, we need a break below and a price drop to the downside. Such a move will increase pressure on the price to continue its pullback towards the 200 EMA moving average at $31.20. Thus, we approach a new daily low and confirm the bearish momentum. The possible lower targets are the $31.00 and $30.80 levels.
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