Gold and silver: the price of gold rose to $2424 yesterday

• After almost two months, the price of gold rose above the $2400 level again.
• The price of Silver rose to the $31.75 level on Thursday, forming a new weekly high there. 

Gold chart analysis

After almost two months, the price of gold rose above the $2400 level again. A new high was formed last night at the $2424 level. During this morning’s Asian trading session, the price retreated to the $2405 level. We are now consolidating at that level, which could trigger a new bullish impulse. With a return above $2420, the price of gold would be within reach of the previous high.

A new visit to that zone could influence us to see the formation of a new weekly high. Potential higher targets are the $2430 and $2440 levels. For the bearish option, we need the continuation of this morning’s bearish consolidation up to the weekly open price at the $2390 level. Descending below, we enter an awkward zone that could prolong the further fall. Potential lower targets are $2380 and $2370 levels.

Silver chart analysis

The price of Silver rose to the $31.75 level on Thursday, forming a new weekly high there. We did not have the strength to go above, and the price started a pullback to the $31.40 level. During this morning’s Asian trading session, the bearish consolidation continued to $30.60. Here, we meet the EMA 200 moving average, and for now, we manage to stay above that level. If pressure on the price of Silver continues, a drop below would be a continuation of this morning’s bearish consolidation.

Potential lower targets are the $30.50 and $30.40 levels. Silver needs to stabilize above the $30.60 level for a bullish option. After that, we can expect to see the initiation of a bullish consolidation and a return to the $31.00 level. There, we get new support at the EMA 50 moving average. Potential higher targets are the $31.10 and $31.20 levels.