Gold and Silver: Gold is bullish again this morning
- The price of gold retreated to a new weekly low on Thursday at the $2470 level
- The price of silver retreated to $28.77 last night
Gold chart analysis
The price of gold retreated to a new weekly low on Thursday at the $2470 level. Shortly after that, we moved back above $2480 and the EMA 200 moving average. That’s where we get more stable support and see a recovery during this morning’s Asian session. Today’s gold price high is $2495 and everything indicates that we could see a continuation on the bullish side to the $2500 level. By jumping to that level, we will also get the support of the EMA 50 moving average, which will further strengthen this consolidation.
Potential higher targets are $2510 and $2520 levels. We need a negative consolidation of the gold price below the $2480 level for a bearish option. This moves us to a new daily low and below the EMA 200 moving average. That will put further pressure on the price to start a further pullback. Potential lower targets are $2470 and $2460 levels.
Silver chart analysis
The price of silver retreated to $28.77 last night. We touched the EMA 200 moving average and stayed above that level. After that, the price moves up to $29.00 and manages to stabilize there. During this morning’s Asian session, silver is initiating a bullish consolidation. A new daily high was formed at $29.32, and we crossed the EMA 50 moving average. With his support, we hope to see further recovery in the price of silver.
Potential higher targets are the $29.40 and $29.50 levels. For a bearish option, we need a negative consolidation and a drop to the $29.00 level. There, we will test the weekly open price. The inability to hold above will push us below to a new low. Potential lower targets are the $28.90 and $28.80 levels.
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