- The highest price of gold last week was $2041.
- Since the beginning of the day, the price of silver has been under downward pressure.
Gold chart analysis
The highest price of gold last week was $2041. From this level, we start to pull back to the support at the $2030 level. During the Asian trading session, the price was able to start an upward consolidation and rose to the $2037 level. There, we encounter new resistance and start to pull back, down to the $2032 level. We now turn to the downside and look towards the previous low at the $2030 level.
If we were to retest this support level, prices would be under a lot of pressure to break below it and form a new daily low. Possible lower targets are $2026-$202 levels. We will have greater support at the EMA200 moving average in the area around the $2020 level.
Silver chart analysis
Since the beginning of the day, the price of silver has been under downward pressure. During the Asian session, the price fell below the $22.95 level, and found the first support at the $22.80 level. We failed to hold above this level and saw a break below in the previous hour. The price fell below the $22.70 level, forming a new daily low and thus confirming the downward momentum.
Possible lower targets are the $22.60 and $22.50 levels. We need a positive consolidation and a return above the $22.85 level for a bullish option. This would take us back above the support level and the EMA200 moving average. The stability above would enhance optimism about the recovery of silver prices. Possible higher targets are the $23.00 and $23.10 levels. The next stronger resistance area is located at the $23.20 level.
