- During the Asian trading session, gold traded around $1,830.
- For the third day in a row, the price of silver is hovering around the $20.00 level.
gold chart analysis
During the Asian trading session, gold traded around $1,830. We now see a bit of a bullish rally to the $1835 level, and we need a break above the $1840 level to continue towards the previous high. Today’s unemployment news and the NFP report could influence the future movement of the gold price.
The highest potential targets are the $1850 and $1860 levels. For a bearish option, we need a negative consolidation and a price pullback below $1830. After that, the price pressure would increase and gold could easily drop to lower levels. The lower potential targets are the $1820 and $1810 levels.
Silver Chart Analysis
For the third day in a row, the price of silver is hovering around the $20.00 level. We just had a short push to the $19.88 level, but the price quickly went back to the initial position at the $20.00 level. If the consolidation at this level continues, a break below could easily occur and the price of silver will continue to fall.
The lower possible targets are the $19.80 and $19.70 levels. We need positive consolidation and price rally above the $20.20 level for a bullish option. That would get us out of the awkward zone, at least briefly. We also need to hold our position up there to initiate further price recovery with further bullish momentum. The highest potential targets are the $20.30 and $20.40 levels.
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