- The price of gold stopped at $2039 yesterday.
- The price of silver is on a downward trend for the second week in a row.
Gold chart analysis
The price of gold stopped at $2039 yesterday. From this level, we started to pull back until this morning at the $2024 level. The decline stops there, and with the support of the EMA200 we go back higher and recover to the $2030 level. In the area this morning, we had major price instability that broke down and fell to the bottom. We are now retesting that area and expect a move above it. Possible higher targets are the $2035 and $2040 levels.
We need negative consolidation and a pullback below $2025 and the 200 moving average for a bearish option. We fell again on an opportunity to test the weekly bottom. New pressure at this level could easily make a breakout and form a new low. Possible lower targets are the $2020 and $2015 levels.
Silver chart analysis
The price of silver is on a downward trend for the second week in a row. Today, we fell to a new two-week low at $22.25. We see a slight recovery to $22.35 but remain under downward pressure. We will need to move above the $22.50 level if we want to see a recovery on the upside. Breaking above the $22.50 level will bring the price back above the daily opening price.
After that, we have the opportunity to form a bottom and start a new bullish consolidation. Possible higher targets are the $22.60 and $22.70 levels. Additional resistance in the area around $22.70 is the EMA200, and the open price for this week is at the $22.94 level. We need a continuation of negative consolidation and a drop below today's low for a bearish option. Possible lower targets are the $22.20 and $22.10 levels.
