- During the Asian session this morning, the price of gold managed to break above the $2340 level.
- Silver price managed to break above the $30.00 level again.
Gold Chart Analysis
During the Asian trading session this morning, the gold price managed to break above the $2340 level, which allowed it to reach a new weekly high at the $2347 level. After three days of consolidation between $2320 and $2340, we have seen a jump above it today. We have support at the EMA50 and EMA200 and there may be a tailwind for us to remain on the bullish side. Possible higher targets are the $2350 and $2355 levels.
We need a negative consolidation and a return to the previous moving range for a bearish option. A drop to the $2320 level pushes gold to test this week's support. The downside is that we will then be below the EMA200 moving average and on the bearish side because we fell below the weekly opening price. This will only worsen the picture for gold and lead it to pull back. Possible lower targets are the $2315 and $2310 levels.
Silver Chart Analysis
Silver price managed to break above the $30.00 level again. A new high was formed at the $30.18 level in the previous hour. Since the beginning of the week, we have been in a stable bullish consolidation supported by the EMA50 and EMA200 moving averages. Possible upper targets are the $30.30 and $30.40 levels.
We need a negative consolidation and a pullback below the $29.80 level for a bearish option first. Thus, we fall below the previous high, which confirms the transition to the bearish side. With one more move, we reach $29.60, where we will test the EMA50 moving average. If this support fails to hold the silver price above, a further pullback will occur. Possible lower targets are the $29.40 and $29.20 levels.
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