Gold and silver: gold again this morning above $2400

• In the first hour of this morning’s Asian session, the price of gold managed to climb above $2400 and form a new high at the $2403 level. 
• During this morning’s Asian trading session, the price of silver moved in the $27.90-$28.00 range. 

Gold chart analysis

In the first hour of this morning’s Asian session, the price of gold managed to climb above $2400 and form a new high at the $2403 level. After that, a pullback was initiated below $2400, and we are looking for support at the $2390 level. The price is currently in a bearish consolidation, and we could see a continuation on the bearish side. At the $2387 level, gold will test the weekly open price and the EMA 50 moving average.

With the impulse below, the price falls to a new daily low and thereby prolongs the bearish scenario. Potential lower targets are the $2380 and $2370 levels. For a bullish option, we need a positive consolidation and a return above the $2400 level. If we manage to hold above, we find support in the EMA 200 moving average. Potential higher targets are the $2410 and $2420 levels.

Silver chart analysis

During this morning’s Asian trading session, the price of silver moved in the $27.90-$28.00 range. Now, in the EU session, the movement in the same direction has continued. We need a small move above the $28.20 level to get support from the EMA 50 moving average. With its support, silver will increase its chances of starting a bullish recovery. Potential higher targets are the $28.40 and $28.60 levels.

For a bearish option, the price of silver should pull back below the $27.90 weekly open price. This moves us to a new weekly low, and we will be under pressure to start a further pullback. Potential lower targets are $27.60 and $27.40 levels. At the $27.40 level, we will test last week’s support zone, i.e., the July low.