Gold price stabilized above $2,410

• During the Asian session this morning, the price of gold remained above the $2410 level.
• Silver price is recovering from above $29.00 and is getting support from the EMA 50 moving average this morning.

Gold Chart Analysis

During the Asian session this morning, the gold price held above the $2410 level. The 200 EMA moving average is supporting the price, and it is only a matter of when it will rise to a new weekly high. Possible higher targets are the $2430 and $2440 levels. If we manage to move up to these levels, we could have hopes of visiting last week's highs.

For a bearish option, the gold price needs to retreat below the EMA 200 and $2410 levels. With that, we are heading towards the weekly opening price and the $2400 level, which could be decisive for the future trend of gold. A push below would indicate that gold is under pressure in the support zone this week. Further instability in this zone would negatively affect the gold price, reinforcing the bearish momentum. Possible lower targets are the $2390 and $2380 levels.

Silver Chart Analysis

Silver price is recovering from the $29.00 level and is getting support from the 50 EMA this morning. This further solidified the bullish call and the upside is evident. We expect the formation of a new daily high above the $29.40 level. Potential higher targets are the $29.60 and $29.80 levels. The price could face further resistance in the $29.80 zone at the 200 EMA. With a break above it, the chances of a comeback above the $30.00 level increase.

For a bearish option, silver would first have to retreat below $29.20 and the EMA 50 moving average. With these steps, we prove that we are losing the previous bullish momentum. After that, the price would form a new daily low and thus confirm the bearish pressure. Possible lower targets are the $29.00 and $28.80 levels.