Gold and Silver: Gold pulls back from new ATH at $2431
On Friday evening, we saw the price of gold at a new all-time high at the $2431 level. The price of silver rose to $29.79 on Friday.Gold chart analysis
On Friday evening, we saw the price of gold at a new all-time high at the $2431 level. We stayed up for a short time because a quick pullback to the $2333 level followed. The price of gold finds support at that level and initiates a recovery during this morning’s Asian trading session to the $2370 level. We encounter a new resistance there, and so far, we are moving in the $2350-$2370 range. I will increase the pressure to test the weekly open price at $2344.
If we stay above it, we can hope for a jump to a new weekly high. Potential higher targets are $2380 and $2390 levels. A drop in the price of gold below the weekly open price will increase the pressure and push us to the bearish side. We would be forced to test last week’s low. Potential lower targets are $2330 and $2320 levels. Additional support for gold is the EMA200 moving average at the $2325 level.
Silver chart analysis
The price of silver rose to $29.79 on Friday. The joy up there was short-lived because, in the following hours, until the market closed, we retreated to the $27.85 level. At the market opening this morning, the price made another bearish impulse to the $27.56 level. There we form a new low and manage to start a bullish consolidation from there to the $28.60 level. We climb to a new daily high and establish a recovery path.
In the zone around $28.40, we encounter the EMA50 moving average and hope that it will follow us in continuing the bullish trend. Potential higher targets are $28.80 and $29.00 levels. A drop below $28.20 for a bearish option would indicate silver price volatility. After that, we expect a pullback to the $28.00 level and a test of this morning’s support at $27.80. The inability of the price to hold above will add to the bearish momentum, and we will see further declines in the price of silver. Potential lower targets are $27.60 and $27.40 levels.
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