Gold and Silver: Gold manages to stay above $1940 level
The price of gold jumped to the $1949 level yesterday, forming a new 30-day high.
The price of silver jumped to $25.00 on Wednesday.
Gold chart analysis
The price of gold jumped to the $1949 level yesterday, forming a new 30-day high. During the Asian trading session, we saw a pullback to support at the $1938 level. With a new impulse, we are back above $1940, and we could start a continuation of the recovery. Potential higher targets are the $1950 and $1955 levels.
We need a negative consolidation and a new price pullback below the $1938 level for a bearish option. After that, we could look for support at the $1935 level. A break below would further increase the pressure on the price, which would push the price of gold to lower levels. Potential lower targets are the $1930 and $1920 levels. Additional support for the price of gold could be found in the EMA50 moving average in the zone around the $1930 level.
Silver chart analysis
The price of silver jumped to $25.00 on Wednesday. From there, we see a bearish consolidation into a pullback to support at the $24.40 level. During the previous Asian trading session, the price of silver managed to consolidate above that level and initiate a recovery to the $24.60 level. We have a small bullish trend, and we could expect to see a continuation until the end of the day. Potential higher targets are $24.80 and $25.00 levels.
For a bearish option, we need a negative consolidation and a drop in the price of silver below the $24.40 support level. After that, we could expect to see a continuation of the bearish trend and a drop to a new low. Potential lower targets are $24.20 and $24.00 levels.
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