- The first part of this week was marked by a decline in the price of gold from the 2009 level.
- The price of silver is in a bearish consolidation after rising to the $23.60 level on Monday.
Gold chart analysis
The first part of this week was marked by a pullback in the price of gold from the 2009 level. On Monday and Tuesday we managed to hold above the $1995 level and on Wednesday we saw a break below and the formation of a further weekly low. low at the level of 1969 dollars.
In that area we tested the EMA50 moving average and the price managed to get back above it and get the support of the moving average. From then on, we will stay above and rally towards the $1990 level.
We are testing that level for the third time and now expect to see a break above and a continuation to the bullish side. The highest potential targets are the $1995 and $2000 levels. For a bearish option, we need a negative consolidation and a pullback below the $1980 level.
There we retest the support at the EMA50 moving average. The breakout below confirms the dominance of the downtrend, and the possible lower targets are the $1975 and $1970 levels.
Silver Chart Analysis
The price of silver is in a bearish consolidation after rising to the $23.60 level on Monday. On Wednesday, the November low was formed at the level of $22.52. We found support at that level and began a bullish consolidation up to $23.10. There we encounter resistance again and begin a new retreat. We are currently at $22.62 and very close to testing the previous support level.
A break below confirms further bearish pressure and a new price bottom is in sight. The possible lowest targets are the $22.50 and $22.40 levels. For a bullish option, we need a positive consolidation and a move to the $22.90 level.
There we would have the opportunity to reach the EMA50 moving average. A break above could indicate a continued silver price recovery. The highest potential targets are the $23.00 and $23.10 levels.
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