- The price of gold is on a seven-day uptrend after falling to $1,984 last Wednesday.
- In the previous three days, the price of silver was in the range of $22.90-$23.20.
Gold chart analysis
The price of gold is on a seven-day uptrend after falling to $1,984 last Wednesday. Yesterday we saw a move above the $2020 level and the formation of a new high at the $2030 level. During the Asian trading session, the price successfully settled above the $2025 support level. After that, we started a positive consolidation process, and here we are again at the $2030 level. Everything says we will continue to be on the upside and go higher. Possible higher targets are $2,035 and $2,040.
For the bearish option, we need the price to fall below $2025. Thus, we have fallen below the Asian bottom. After that, the gold price will be under more pressure to continue its decline until the next better support. In the area around $2020, we are facing the 200 EMA, which may stop further decline. If support does not hold, possible low targets are $2015 and $2010.
Silver chart analysis
In the previous three days, the price of silver was in the range of $22.90-$23.20. Today, we continue in the same trend with a slight upward touch. The current price is $23.07 and heading towards the $23.20 resistance level. We need a breakout above to get rid of this channel and start further recovery with rest. Possible higher targets are the $23.30 and $23.40 levels.
If the price fails to break through the resistance area, we will see a return to the $22.90 support level. A drop below that would create a new daily low, which we expect to be around $22.80. This is where we encounter the EMA200 moving average. Failure to hold above it will push the price down thus reinforcing the bearish option. Possible lower targets are the $22.70 and $22.60 levels.
