- The price of gold fell to $2,020 on Friday.
- Silver price continues its previous upward consolidation on Monday.
Gold chart analysis
The price of gold fell to $2,020 on Friday. After consolidating in the area around the $2030 level, there was a break down and the gold price weakened and fell to the lowest level on Friday. Gold stops there and closes the previous week at $2,024.
During the Asian trading session, gold moved in the $2022-2028 range, remaining close to the support level recorded last week. The price is under downward pressure to continue falling below this level.
Possible lower targets are the $2015 and $2010 levels. We need stability above $2027 to get a bullish option. Holding in that area could generate an upward momentum and jump to the $2030 level.
In the area around $2030, we are facing the EMA200, and we need to jump above that resistance to start further recovery. Possible higher targets are the $2035 and $2040 levels.
Silver chart analysis
Silver price continues its previous upward consolidation on Monday. On Thursday, the price fell to the $22.12 level. After support at this level, the bullish consolidation began, which continues today. During the Asian trading session, silver finds support at the $22.60 level in the EMA200 moving average.
With bullish consolidation, the price rose to $22.94, forming the current daily high. For now, we stop there and pull back a bit to the $22.85 level.
We need new support at this level in order to start growing again. Possible higher targets are the $23.00 and $23.10 levels. A pullback below $22.80 indicates that silver is losing ground and a drop to a new lower support level is coming.
Possible lower targets are $22.70 and $22.60. At the $22.60 level, we will test the EMA200 again, just like this morning.
