- Yesterday we saw a sharp drop in the price of gold from $1960 to $1911.
- Yesterday was a very turbulent day for the silver price.
gold analysis chart
Yesterday we saw a sharp drop in the price of gold from $1960 to $1911. During the Asian session, the gold price managed to hold at that level. We saw a minor rally to $1918, which did not last long as a further drop to the $1910 level followed. The reason for yesterday’s gold price drop is the interest rate hike by the Fed, ECB and BoE.
Based on that, we could expect the price to continue to fall to the next support at the $1900 level. The lower potential targets are the $1890 and $1880 levels. We need positive consolidation and a return to the area around the $1930 level for a bullish option. That would put us back above the tipping point. The highest potential targets are the $1,940 and $1,950 levels.
Silver Chart Analysis
Yesterday was a very turbulent day for the silver price. First, we went to the $24.63 level, which was soon followed by a drop in price to $23.45. The increase in interest rates by central banks also affected the movement of the price of silver. During the Asian trading session, the price oscillated around the $23.50 level.
For now, we managed to stay at that level. We need negative consolidation and a break below the $23.40 level for a bearish option. So we could expect a further drop towards lower support. The lower possible targets are the $23.20 and $23.00 levels. We need positive consolidation and a break above the $23.60 level for a bullish option. Therefore, we would be above the trend line, and with further bullish momentum, we would begin a further rally. The highest potential targets are the $23.80 and $24.00 levels.
BONUS VIDEO: Weekly summary of market news
(embed)https://www.youtube.com/watch?v=Dqw6Gg4r8kI(/embed)
!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’)
