Gold and silver: gold returns to the weekly open price

• The price of gold formed a new all-time high on Wednesday at the $2483 level. 
• During this morning’s Asian trading session, the price of silver continued to retreat below the $30.00 level.

Gold chart analysis

The price of gold formed a new all-time high on Wednesday at the $2483 level. After that, a pullback from that level was initiated. Yesterday, we saw a break below $2460 and the EMA 50 moving average. This added to the bearish momentum and continued to depress the price of gold. During this morning’s Asian trading session, the previous bearish consolidation continued, and the price of gold fell to the $2415 level.

In this zone, we are now testing the EMA 200 moving average, and we need its support to stop further pullback. Potential lower targets are $2410 and $2400 levels. We need a positive consolidation and price movement above the $2430 level for a bullish option. Then the price needs to stabilize there before continuing the bullish consolidation. Potential higher targets are $2440 and $2450 levels.

Silver chart analysis

During this morning’s Asian trading session, the price of silver continued to retreat below the $30.00 level. Now, in the EU session, we see the continuation of the bearish trend with the formation of a new weekly low at the $29.20 level. The price is in strong bearish momentum and could easily slide to a new lower low. Potential lower targets are the $29.00 and $28.80 levels.

For a bullish option, we need a positive consolidation and a return to the $29.60 level. In this way, we move to a position where the next bottom could be. If we manage to stabilize there, we will have the opportunity to start the recovery on the bullish side. Potential higher targets are the $29.80 and $30.00 levels. Silver price could have additional resistance in the EMA 50 moving average in the $30.15 zone.