- The gold price continues the bullish consolidation that began in early March.
- The silver price continues to struggle to break above the $22.00 level.
gold chart analysis
The gold price continues the bullish consolidation that began in early March. We have rallied above the $1930 level again, and we could wait for a test of the previous high at the $1937 level. If the current consolidation continues, the gold price could soon rally to the $1940 level.
This would get us closer to the $1950 level. We need negative consolidation and a price pullback to the $1920 level for a bearish option. This could lead to a drop below and a test of support at the $1910 level. Getting close to the $1900 level could send the gold price lower further and send it lower.
Silver Chart Analysis
The silver price continues to struggle to break above the $22.00 level. We are currently at the $21.90 level, with bullish consolidation supporting price to move above. If we are successful, silver would have a chance to test the previous high at the $22.38 level. The higher potential targets are the $22.40 and $22.60 levels.
We need negative consolidation and a pullback below the $21.80 level for a bearish option. After that, we would retest the support at $21.60. A break below would signify a possible further drop in the price of silver. The lower possible targets are the $21.40 and $21.20 levels.
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