Gold and silver: The price of gold falls below the $1950
The price of gold fell below $1950 yesterday, forming a new low at the $1936 level. During the Asian trading session, the price of silver fell to $22.65.Gold chart analysis
The price of gold fell below $1950 yesterday, forming a new low at the $1936 level. During the Asian session, we see a positive consolidation and recovery to the $1950 level. We can evaluate the current consolidation positively because we could see a breakthrough above the $1960 level, as well as a further continuation of the recovery. Potential higher targets are the $1970 and $1980 levels.
Silver chart analysis
During the Asian trading session, the price of silver fell to $22.65. From that moment, silver stopped falling and started to recover. We are now above the $23.00 level, and we can expect to see continued recovery in the price of silver. Potential higher targets are the $23.20 and $23.30 levels.
In the zone around $23.40, we have added resistance in the EMA50 moving average. We need a negative consolidation and pullback to the $22.80 level for a bearish option. Down there, we would be close to retesting yesterday’s low. And a drop below would confirm a further price pullback.
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