- The price of gold fell yesterday after news of US inflation from the $2030 level to the $1990 level.
- On Monday, silver prices rose to $23.07, marking the highest level for the week.
Gold chart analysis
The price of gold fell yesterday after news of US inflation from the $2030 level to the $1990 level. During the Asian trading session, we stayed lower in that area. The price fell to the $1986 level in the EU session. Gold is still under pressure, and we could see it below today's low. Possible lower targets are the $1985 and $1980 levels.
We need a positive consolidation and a move above the $1995 level for a bullish option. Then we also need to stay there in order to start the bullish consolidation from there and start the recovery. Possible higher targets are the $2000 and $2005 levels.
Silver chart analysis
On Monday, silver prices rose to $23.07, marking the highest level for the week. From there, we start dropping the price to $22.50. Fresh bullish consolidation has taken us to the $22.90 level, where we face resistance: US inflation data has pushed the silver price down to the $22.00 level. During the Asian trading session, the price remained low, after which we saw a new low forming at the $21.91 level.
The pressure on the silver price continues, and potential low targets are $21.80 and $21.70. We need a move above the $22.10 level to get a bullish option. With this, we will break the Asian resistance level and pave the way for a new bullish consolidation and recovery. Possible higher targets are the $22.20 and $22.30 levels.
