Gold and Silver: Gold struggles with support at $1930
The price of gold has been consolidating for two days in the $1930-$1940 range.
During the Asian trading session, the price of silver continued the bearish trend from earlier.
Gold chart analysis
The price of gold has been consolidating for two days in the $1930-$1940 range. During the Asian trading session, we saw continued sideways movement in the price of gold. For now, the price manages to hold above the $1930 level and could rise again to the $1940 resistance level. We need a break above that level for the continued bullish side and our try to hold above.
Potential higher targets are $1945 and $1950 levels. We will have additional pressure on the price in the zone around the $1950 level in the EMA50 moving average. We need a negative consolidation and a breakout below for a bearish option. After that, we will see the formation of a new low and a drop in the price to lower levels. Potential lower targets are the $1925 and $1920 levels.
Silver chart analysis
During the Asian trading session, the price of silver continued the bearish trend from earlier. A new low was formed at the $23.36 level. For now, we have managed to stay above that level and stop further decline. Now, we need a positive consolidation and a move above the $23.50 level.
Then, we need to maintain our position above and start the recovery with a new impulse. Potential higher targets are $23.75 and $24.00 levels. Additional resistance bullish option we will have in the EMA50 moving average in the $24.20 zone.
We need negative consolidation and a drop below this morning’s low for a bearish option. After that, we can expect a further decline and a visit to lower support levels. Potential lower targets are $23.20 and $23.00 levels.
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