- After the gold price rose to a new all-time high yesterday, we saw a pullback to the $2,655 support level.
- Yesterday the price of silver failed to maintain the area of the weekly maximum of $32.70
Gold chart analysis
After the gold price rose to a new all-time high yesterday, we saw a pullback to the $2,655 support level. The price at that level again finds support and begins a recovery, but this time only to the level of $2,678. During the Asian session this morning, the price began a bearish consolidation towards $2660, where it will test the 50 EMA. If the support does not hold up under the current pressure, gold will have to move down to a new daily low.
The possible lower targets are the $2650 and $2640 levels. For a bullish option, we expect the price to manage to stay above the 50 EMA and $2660. Then from there, we need another bullish consolidation to start the gold price rally. A jump above $2,675 would be a good indication that we are back on the bullish path. The highest potential targets are the $2690 and $2700 levels.
Silver Chart Analysis
Yesterday the price of silver failed to maintain the weekly high area of $32.70. A pullback began and the price fell below the $32.00 level. During the Asian trading session this morning, the decline continued to $31.56, a two-day low. The 50 EMA is now on the bearish side, putting more pressure on silver to continue its pullback. Possible lower targets are the $31.40 and $31.20 levels.
More serious price support lies at the weekly opening level of $31.20 with the 200 EMA moving average. If we manage to break above the 50 EMA and the $32.00 level again, it would mean that the price is starting a new bullish momentum. A return above the daily opening level to the positive side would mean a lot to us. The possible highest targets are the $32.20 and $32.40 levels.
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