- The bullish growth of the gold price yesterday stopped at the level of $2673
- Yesterday's silver bullish attempt to return to the previous uptrend stopped at the $31.85 level.
Gold chart analysis
Yesterday's bullish growth in the gold price stopped at the level of $2,673. At that level, we stop and begin a bearish consolidation. During the Asian session this morning, gold continued to retreat below the $2,650 level. A daily low was formed at the level of $2644. For now, we managed to stop the decline and move slightly to $2650. Bearish pressure on the price is still present, which could result in another drop later in the day.
The possible lower targets are the $2640 and $2630 levels. Around $2635, we will have a meeting with the 200 EMA, which was our support on Monday. We need a positive consolidation of gold price above the weekly opening level of $2660 for a bullish option. Returning to the positive side will increase optimism about a continuation to the bullish side. The highest potential targets are the $2670 and $2680 levels.
Silver Chart Analysis
Yesterday's bullish attempt by silver to return to the previous uptrend stopped at the $31.85 level. From that level, the price turned bearish again and rose towards the $31.30 level. During the Asian session this morning, the move occurred in the $31.30 to $31.45 range. Over the last two hours, fresh chart instability has caused silver to begin a bearish consolidation towards the $31.00 level.
If today's trend continues, we can expect to test the weekly low at the $30.86 level. In that zone, the bearish momentum will strengthen and a new pullback to a new low will follow. The possible lower targets are the $30.80 and $30.60 levels. For a bullish option, silver must first break above the 200 EMA again. After we stabilize again, we can expect the start of a bullish consolidation above the $31.40 level. The highest potential targets are the $31.60 and $31.80 levels.
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