- The price of gold has been in a strong uptrend since the beginning of the week, with the $1830 level.
- This week, the price of silver was moving in the range of $21.50 to $22.25.
Gold chart analysis
The price of gold has been in a strong uptrend since the beginning of the week, with the $1830 level. During the Asian session, gold price received support at the $1,867 level and began a bullish consolidation. In the previous hour, we saw a break above yesterday’s high and the formation of a new one at the $1889 level.
The reason for this week’s gold price rise is the instability in the Middle East. Based on current events, we can expect the price of gold to continue rising as it is a safe haven for investors. The highest potential targets are the $1895 and $1900 levels. We need a negative consolidation and a break below this morning’s support at the $1867 level for a bearish option. The possible lower targets are the $1860 and $1850 levels.
Silver Chart Analysis
This week, the price of silver was moving in the range of $21.50 to $22.25. Yesterday we saw a pullback to the support level and during the Asian session we started a bullish consolidation and rose to the $22.10 level. We are very close to testing the previous resistance level. A break above would be of great importance for us to continue towards the bullish side. The possible highest targets are the $22.40 and $22.60 levels.
We need negative consolidation and a pullback below this morning’s support at the $21.80 level for a bearish option. After that, we would pull back below the EMA50 moving average and be in a position to test this week’s low at the $21.50 level. The possible lower targets are the $21.40 and $21.20 levels.
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