Gold and silver: Gold is rising today to the $2370 level

Gold chart analysis

Yesterday, we observed a strong bullish consolidation, which refers to a period of little to no price movement following a significant uptrend, of the gold price from $2310 to $2345.

During this morning’s Asian session, the price continued the previous consolidation and broke above the $2350 level. We didn’t stop there either, but climbed up to the $2370 level, forming a new weekly high there. There are good chances to see a continuation upwards, and the potential higher targets are $2375 and $2380 levels.

It’s important to stay vigilant and monitor the market closely. A negative consolidation and a pullback below the $2360 level could signal a bearish option. This would shift us away from the previous high. Gold would need to descend to $2350 and test the daily open price. If it fails to hold there, we could see a drop to a new daily low. This would confirm the bearish pressure and anticipate a further pullback, with potential lower targets at the $2340 and $2330 levels.

Silver chart analysis

The price of silver is moving in a strong bullish trend after breaking above the EMA200 on Monday. Until Wednesday, we moved sideways in the $27.00-$27.60 range, only to see a bullish impulse and break above the $27.60 level on Thursday. By the end of the day, we managed to move above $28.00 and form a weekly high at the $28.32 level. During the Asian trading session, the price of silver continued to recover to the $28.66 level.

As the silver market continues to show bullish signs, we anticipate a continuation of this trend. Potential higher targets are the $28.80 and $29.00 levels. However, it’s crucial to consider a bearish option. A negative consolidation and pullback to the $28.20 level could shift the market dynamics, potentially leading to lower targets at the $28.00 and $27.80 levels.

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