Gold and Silver: The Price of Gold Reached the $1653 level
- During the Asian trading session, the price of gold recorded a solid growth from $1630 to the current $1653.
- After twenty days, the price of silver is again testing the $20.00 level.
Gold chart analysis
During the Asian trading session, the price of gold recorded a solid growth from $1630 to the current $1653. The fall in the dollar value caused the price of gold to jump from this morning’s minimum. For a bullish option, we need a continuation of positive consolidation and a move to the $1660 level. Then we need to stay there and continue the recovery of the gold price with a new bullish impulse.
Potential higher targets are $1670 and $1680 levels. We need a negative consolidation and pullback below the $1650 level for a bearish option first. After that, we could expect the price to continue to retreat. We then look again at support at the $1630 level. Potential lower targets are $1620 and $1610 levels.
Silver chart analysis
After twenty days, the price of silver is again testing the $20.00 level. For now, we manage to consolidate and hold a little below that level at $19.90. For a bullish option, we need a break above and attempt to hold above the $20.00 level as well. With a new bullish impulse, we could see a continuation of the silver price recovery.
Potential higher targets are the $20.20 and $20.40 levels. For a bearish option, we need a negative consolidation and price pullback to $19.60, the previous support zone. Increased pressure at this level could lead to a break below and a continuation of the bearish trend. Potential lower targets are the $19.20 and $19.00 levels.
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