- The price of gold rose to $2,195 on Friday.
- The highest silver price was formed last week on Friday at $24.62.
Gold chart analysis
The price of gold rose to $2,195 on Friday. A new all-time high was formed at this level, and we were about to reach the $2,200 level. After that, the price fell to the $2170 level, and with the new support, it recovered to $2180 and closed last week there.
At the beginning of the Asian trading session, the price moved to $2,190 but quickly returned to $2,180. We will be looking for a sideways movement around the $2180 level until the US session begins.
We expect an increase in volatility, and hence the gold price movement in the American session. Now the pressure is on the $2177 level, and the price may fall if it is unable to maintain the current level. Possible lower targets are the $2170 and $2160 levels. With a return above $2180, we are back on the upside, and then we can think about further growth and recovery.
Silver chart analysis
The highest silver price was formed last week on Friday at $24.62. From this level, the price started to decline to the support level at $24.20. We stopped there and stayed upstairs. During the Asian trading session this morning, silver price ranged between $24.30 – $24.50. We remain on the upside and expect growth as we have support at the EMA50.
This could push the price to $24.60 and test last week's high. Possible higher targets are the $24.70 and $24.80 levels. For a bearish option, we need the price to fall below the 50 EMA and the $24.30 level. This is the first downward move, and will lead to the formation of a new daily low.
This confirms the weakness of the silver price and we expect further decline. Possible lower targets are the $24.20 and $24.00 levels.
