- After the gold price found support at $1830, we started a new uptrend.
- During the Asian trading session, the silver price transitions above the $21.00 level.
gold chart analysis
After the gold price found support at $1830, we started a new uptrend. During the Asian trading session, the price of gold continued to rise and quickly crossed above the $1840 level. If this move continues, we could reach towards the $1850 level. That would be a new high for us in the last 15 days.
The highest potential targets are the $1860 and $1870 levels. We need negative consolidation and a pullback to the $1830 support level for a bearish option. A break below would be a sign that a downtrend is coming. The lower potential targets are the $1820 and $1810 levels.
Silver Chart Analysis
During the Asian trading session, the silver price transitions above the $21.00 level. Next, we see momentum to the upside that pushes the price towards the $21.20 level. The $21.20 level is seven day resistance; we need a break above it to continue the rally. The higher potential targets are the $21.40 and $21.60 levels.
We need negative consolidation and a pullback below the $21.00 level for a bearish option. After that, we could revisit the previous support level of $20.70. Failure to hold the silver price there will lead to a further decline and test this year’s low at the $20.40 level.
