Gold and Silver: Gold in a bullish trend since Thursday
- During this morning’s Asian trading session, the price of gold rose to $2429.
- During this morning’s Asian trading session, the price of silver recovered to the $27.75 level.
Gold chart analysis
During this morning’s Asian trading session, the price of gold rose to $2429. Thursday was pretty good for the gold price, as we saw a rise from $2381 to $2427. During this morning’s Asian trading session, the price took a small step back to support at the $2420 level. We managed to hold there and get back above $2425. Now, we have a new opportunity to start a new bullish consolidation. We hope for a new daily high to confirm the bullish option.
Potential higher targets are the $2435 and $2440 levels. For a bearish option, we need a negative consolidation and a drop in the price of gold down to $2410. There, we encounter potential support in the EMA 200 moving average. With bearish momentum building, the price has no chance of holding there, and we will see a drop below to a new daily low. Potential lower targets are the $2400 and $2390 levels.
Silver chart analysis
During this morning’s Asian trading session, the price of silver recovered to the $27.75 level. At that level, we encountered the EMA 200 moving average, which did not allow us to continue with further growth. This led to a pullback to $27.40, and we are now trying to hold here. If the pressure on silver continues, the price will have to start a bearish consolidation and continue on the bearish side.
Potential lower targets are $27.20 and $27.00 levels. For a bullish option, we need a positive silver price consolidation up to $27.80. With that, we are moving to EMA 200, and we will try to maintain in that zone again. If the price succeeds in this, it will have a new position from which it could continue the bullish consolidation. Potential higher targets are $28.00 and $28.20 levels.
