- During the Asian session this morning, the price of gold received support at the $2,656 level.
- The price of silver gained new support this morning at the $32.00 level.
Gold chart analysis
During the Asian session this morning, the price of gold received support at the $2,656 level. From there, a bullish consolidation began to the daily high of $2,667. At the moment, we have a little pause there, but we are still in a bullish consolidation. For growth above $2,670, we need new bullish momentum. The highest potential targets are the $2675 and $2680 levels. The previous high this week was $2,673 and we expect to hit a new one after the NFP report.
For a bearish option, we need a negative consolidation of the gold price to $2,655. This brings us to this morning's support and the pressure is increasing because we are now below the weekly opening price. That will generate bearish momentum for a continued pullback towards new lower support. The possible lower targets are the $2650 and $2645 levels. Additional support for gold at $2,645 is the 200 EMA, which has kept us bullish this week.
Silver Chart Analysis
The price of silver gained new support this morning at the $32.00 level. After that, we saw a bullish consolidation until the $32.27 level. Our goal is to reach the previous weekly high of $32.30 and form a new one. For something like this we need a new impulse to take us up. The highest potential targets are the $32.40 and $32.50 levels. Last week's high was $32.71.
For a bearish option, the silver price must decline back to the daily opening level of $32.00. So, we need to see a breakout to a new daily low. This confirms the bearish presence and we expect to see a pullback to new lower support. The possible lower targets are the $31.80 and $31.60 levels. We will test the weekly opening price at $31.60. If it does not hold, we will try to look for support at the 200 EMA at $31.50.
(the_ad id=”24160″)
!function (f, b, e, v, n, t, s) {
if (f.fbq) return;
n = f.fbq = function () {
n.callMethod ?
n.callMethod.apply(n, arguments) : n.queue.push(arguments)
};
if (!f._fbq) f._fbq = n;
n.push = n;
n.loaded = !0;
n.version = ‘2.0’;
n.queue = ();
t = b.createElement(e);
t.async = !0;
t.src = v;
s = b.getElementsByTagName(e)(0);
s.parentNode.insertBefore(t, s)
}(window, document, ‘script’,
‘https://connect.facebook.net/en_US/fbevents.js’);
fbq(‘init’, ‘504526293689977’);
fbq(‘track’, ‘PageView’);
