- The price of gold started this week at the $2000 level and looks like it will close the week above the $2050 level.
- This week was very successful for the price of silver.
Gold chart analysis
The price of gold started this week at the $2000 level and looks like it will close the week above the $2050 level. On Wednesday, the price rose to the $2052 level and there we saw the formation of a new six-month high. After that, gold begins to consolidate in the range of 2030 to 2050 dollars.
During the previous Asian trading session, the price received support at the $2035 level and began a recovery that took us up to the $2047 level where we are now.
We need fresh momentum to break above the $2050 level again. This way, we would have a chance to form a new high, and the potential higher targets are the $2055 and $2060 levels.
We need a negative consolidator and a drop to the $2030 support level for a bearish option. A break below leads to the formation of a new low and thus we get a confirmation of the downtrend. The lowest possible targets are the $2025 and $2020 levels.
Silver Chart Analysis
This week was very successful for the price of silver. We started Monday at the $24.30 level and this morning we saw the formation of a new high at the $25.45 level. After that, the price consolidates in the range of $25.20-$25.40.
Based on the previous move, we expect to see a continuation to the bullish side and the formation of a new price high. The highest potential targets are the $25.50 and $25.60 levels.
We need a negative consolidation and a pullback to the $25.00 support level for a bearish option. A drop below that level would further increase pressure on the price to initiate a new pullback and form a new low.
The possible lowest targets are the $24.80 and $24.60 levels. Additional support at the $24.60 level is the EMA50 moving average.
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