Gold and Silver: Gold is trying to stay above $2350 level
Since the beginning of April, the price of gold has climbed to a new all-time high. The price of silver has been in a constant bullish trend since the start of this week.Gold chart analysis
Since the beginning of April, the price of gold has climbed to a new all-time high. We also saw that yesterday, with a jump to the $2365 level. After that, the price retreated to support at the $2340 level. From there, we initiate a new positive consolidation and move back above the $2350 level. During the Asian session, we climbed up to $2360; we now have resistance at that level. Gold is stepping down to $2345 and looking for support at the EMA50 moving average.
If we get the required support, we will be able to initiate a new positive consolidation and recovery of the gold price. Potential higher targets are $2365 and $2370 levels. We need a drop below the EMA0 and the $2340 level for a bearish option. By going down below, we go to the weekly open price at the $2330 level. Weak support in that zone would lead to a drop to a new weekly low and move the price to the bearish side.
Silver chart analysis
The price of silver has been in a constant bullish trend since the start of this week. We climbed to $28.32 yesterday, forming a new weekly high. After that, we return to support at the $27.80 level and encounter the EMA50 moving average. From there, the price starts a bullish consolidation and returns above $28.00. If the current movement continues, it is very possible that we will see silver at a new high.
Potential higher targets are $28.20 and $28.40 levels. For a bearish option, we need a negative consolidation and a pullback below the $27.80 level. With that, we go to a new daily low and get confirmation of the bearish momentum. Potential lower targets are $27.60 and $27.40 levels.
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