Gold and Silver: Gold encounters resistance at $2375 level

• During this morning’s Asian trading session, the price of gold was in a bullish consolidation. 
• During this morning’s Asian trading session, the price of silver was successfully maintained above $30.60.

Gold chart analysis

During this morning’s Asian trading session, the price of gold was in a bullish consolidation. We started the day with $2,364 before climbing to the $2,374 level. We expect to see further growth on the bullish side as the price is still in a bullish trend. That could push gold above the $2,380 level, Monday’s previous high. By crossing above it, the price could much more easily continue its recovery.

Potential higher targets are $2385 and $2390 levels. We need to see a negative consolidation of the gold price to the $2364 level for a bearish option. There, we will test the daily open price again. By going below, we are moving to the negative side, which will increase the pressure on the price of gold. Potential lower targets are $2360 and $2355 levels. Additional support in the $2355 zone is the EMA 200 moving average.

Silver chart analysis

During this morning’s Asian trading session, the price of silver was successfully maintained above $30.60. On the upside, we encounter resistance at the $31.00 level. This week’s movement takes place in the $30.40-$31.20 range. Today’s movement range is narrower, $30.60-$31.00, and we expect a stronger impulse to the bullish or bearish side soon. A break above the $31.20 level would trigger a bullish option for silver.

With that step, silver would be freed from the previous pressure and could continue unhindered to the bullish side. Potential higher targets are the $31.40 and $31.60 levels. For a bearish option, we need a negative consolidation and pullback down to the $30.40 level. There, we will test the EMA 200 moving average support. Potential lower targets are the $30.20 and $30.00 levels.