- The gold price is moving sideways for the second day in the range of 2030-2050 dollars.
- In the past two days, the price of silver continued to fall below the $23.00 level.
Gold chart analysis
The gold price is moving sideways for the second day in the range of 2030-2050 dollars. During the previous Asian trading session, the price of gold managed to hold above the $2045 level. The EU session shows a break down and a pullback to the $2037 level. There has been an increase in price pressure, and we are now seeing a bearish consolidation that could take us towards the $2030 level again. Possible lower targets are the $2025 and $2020 levels.
For the bullish option, we need to get back above the $2045 level and stay there. After that, we will have a chance to move to the $2050 level and test the EMA50. With the breakout above, we start further recovery and climb to higher levels. Possible higher targets are the $2055 and $2060 levels.
Silver chart analysis
In the past two days, the price of silver continued to fall below the $23.00 level. Yesterday, a low was formed at $22.67. We managed to get support at this level and climbed back to the $23.00 level, which is the resistance level now. During the Asian session, we tried to consolidate upward, but it stopped at the $23.20 level. After that, we see a bearish consolidation and a drop below the $23.00 level again. Possible lower targets are the $22.80 and $22.60 levels.
We need a positive consolidation and a return above the $23.20 level for a bullish option. After that, we have to stay there and form a new low from which we can start a further recovery to the upside. Possible higher targets are the $23.40 and $23.60 levels. In the $23.60 area, we faced the EMA50, which did not allow us to move above it even in the previous attempt.
