Gold and silver: the price of gold rose to $2374 today
The price of gold has been in a bullish trend since Tuesday and is falling to the $2335 level. The price of silver rose today to the $28.92 level, a new May high.Gold chart analysis
The price of gold has been in a bullish trend since Tuesday and is falling to the $2335 level. After support at that level, we saw a move above the EMA50 moving average and the $2345 level. This strengthened the bullish consolidation, and the price of gold rose to the $2374 level today. We are getting closer to testing last week’s low at the $2378 level. Gold is in bullish momentum, and we could see a new May high.
Potential higher targets are $2380 and $2390 levels. For a bearish buyout, the price of gold would have to pull back to the weekly open price at the $2360 level. The lack of strength to hold above will force the price to drop below and move to the downside. Potential lower targets are $2350 and $2340 levels.
Silver chart analysis
The price of silver rose today to the $28.92 level, a new May high. We are close to reaching the $29.00 level. For now, we pause for a while and pull back to the $28.83 level. We are noticing some bearish pressure that could separate us and take us to lower levels. The first support is $28.60 daily open price. If she does not last, we will have to search for the next support.
Potential lower targets are $28.40 and $28.20 levels. Additional support for our bullish trend this week is the EMA50 moving average. We need a positive consolidation and a move to the $29.00 level for a bullish option. With that, we go to a new low and confirm the continuation of the bullish trend. Potential higher targets are $29.20 and $29.40 levels.
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