Gold and Silver: Gold remains on the bullish side on Friday

• During this morning’s Asian session, the price of gold retreated to the weekly open price, where it gained new support
• Silver’s price received support from the EMA 200 moving average during this morning’s Asian session

Gold chart analysis

During this morning’s Asian session, the price of gold retreated to the weekly open price, where it gained new support. After that, a bullish consolidation was initiated up to $2525, a new daily high. Now, we expect to continue the growth and test yesterday’s high at the $2529 level. If the bullish momentum of the gold price continues, we will going to test the all-time high price.

Potential higher targets are the $2535 and $2540 levels. For a bearish option, we need a return to the weekly open price. This will put pressure on that level again, but this time, we may see a break below to a new daily low. Potential lower targets are the $2510 and $2505 levels. Additional significant support for the price of gold could be the EMA 200 in the $2505 zone.

Silver chart analysis

Silver’s price received support from the EMA 200 moving average during this morning’s Asian session. This triggered a bullish consolidation, and the price rose to $29.60, a new daily high. We hope that today’s bullish momentum will last and that we will see further recovery to higher levels. Potential higher targets are the $29.70 and $29.80 levels. In the $29.80 zone, we expect testing of the weekly open price.

For a bearish silver price option, we need a negative consolidation below the EMA 200 moving average and the $29.30 level. Such a move will only strengthen the bearish momentum and push the price to lower support levels. Potential lower targets are $29.20 and $29.10 levels.