Gold and silver: Gold is starting a new recovery
The price of gold fell to the $1951 level yesterday. This week’s fall in silver was stopped yesterday at the $23.30 level.Gold chart analysis
The price of gold fell to the $1951 level yesterday. The previous time we were there was at the beginning of April. During the Asian trading session, the price of gold consolidated and started a recovery. We are now at the $1967 level, and based on the current picture, we could expect to see a continuation of the gold price rise.
Potential higher targets are the $1970, $1975, and $1980 levels. We need a negative consolidation and a price pullback below the $1960 level for a bearish option. After that, the price could fall again to the $1950 level and test that support level.
Silver chart analysis
This week’s fall in silver was stopped yesterday at the $23.30 level. After that, the price of silver gains support and begins to recover. During the Asian trading session, silver bounced back above the $23.50 level and continued to grow. We are now at the $23.75 level, and if the current consolidation continues, we could soon climb to the $24.00 level.
Potential higher targets are the $24.20 and $24.40 levels. We need a negative consolidation and a price pullback below the $23.50 level for a bearish option. After that, we could expect to see a retest of the previous low at the $23.30 level.
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