Gold and Silver: Gold is starting a new recovery from 2370$
The price of gold fell to the $2353 level yesterday, forming a new weekly low there.
On Thursday, the price of silver fell to a new weekly low of $27.39.
Gold chart analysis
The price of gold fell to the $2353 level yesterday, forming a new weekly low there. After that, we stabilized there and started the recovery. During this morning’s Asian trading session, the price rose to the $2380 level. Then it stopped there, and since then, it has been moving in the $2365-$2375 range. There are indications that we could see a concrete recovery if we move above the $2380 level.
There, we get support from the EMA 50 moving average for further continuation on the bullish side. Potential higher targets are $2390 and $2400 levels. We will have a strong resistance at $2400, the weekly open price, and the EMA 200 moving average. For a bearish option, we need a negative consolidation and a descent to the $2360 level. Thus, the price of gold falls below the previous level of movement. In that zone, there will be greater pressure on the price to continue falling. Potential lower targets are $2350 and $2340 levels.
Silver chart analysis
On Thursday, the price of silver fell to a new weekly low of $27.39. Before that, we saw a consolidation at $29.40, where the price suddenly stopped and began to pull back to yesterday’s low. During this morning’s Asian trading session, the movement took place in the $27.60-$28.00 range. Silver is also under pressure and needs a better bullish consolidation to start conquering higher levels.
Potential higher targets are the $28.20 and $28.40 levels. At the $28.20 level, the EMA 50 moving average provides additional support. For a bearish option, we need a negative consolidation and pullback to the $27.40 support level. This puts pressure on yesterday’s low, which could strengthen the silver price’s bearish momentum, causing it to descend to a new low. Potential lower targets are the $27.20 and $27.00 levels.
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