Gold and Silver Price Update: Attempt to Reach $2180 Level

During the Asian trading session, the price of gold tried to reach the $2180 level. 
The price of silver has been moving in a lateral consolidation for two days in the $24.50-$24.90 range. 

Gold chart analysis

During the Asian trading session, the price of gold tried to reach the $2180 level. We failed to do so, and a pullback to support at $2165 followed. Additional support is the EMA200 moving average, which is keeping us above for now. The price is under some pressure, and we cannot rule out a drop below this support to a new daily low. Potential lower targets are $2160 and $2170 levels.

We need a positive consolidation and return above $2175 for a bullish option. This creates a position from which we would be close to testing this morning’s high at $2178. We would also get the support of the EMA50 moving average, which would only strengthen the bullish momentum. Potential higher targets are the $2185 and $2190 levels.

Silver chart analysis

The price of silver has been moving in a lateral consolidation for two days in the $24.50-$24.90 range. This morning, during the Asian trading session, we had one attempt to break above $24.90 but stopped there. This led to a pullback to the support zone. After the check, we restarted the bullish consolidation to the resistance zone. Additional pressure in the upper zone is the EMA50 and EMA200 moving averages, and we need a break above them to get their support.

With that support, it will be quite easy for us to start a bullish consolidation. Potential higher targets are $25.00 and $25.10 levels. We need negative consolidation and a drop to the $24.50 level for a bearish option. There we test the lower level of this rank. By falling below, we confirm that we are under bearish pressure and that we can expect a further pullback. Potential lower targets are $24.40 and $24.30 levels.

 

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