Gold and silver: Gold has resistance at the $2030 level

Gold and silver: Gold has resistance at the $2030 level

In the first part of this week, the price of gold was retreating to the $2001 level. This week, we have seen the price of silver pull back to the $22.37 level.

Gold chart analysis

In the first part of this week, the price of gold was retreating to the $2001 level. A low was formed on Wednesday evening; after the check, the price of gold successfully consolidated and stopped the fall at that level. On Thursday, we saw a bullish consolidation that continued today until the $2030 level. In the zone around this level, we encounter the EMA200 moving average, which could slow down or stop further growth in the price of gold. We need to break through in order to start further growth.

Potential higher targets are $2035 and $2040 levels. For a bearish option, we need the price to start a pullback to this morning’s $2020 support. A drop below would put us under more pressure to continue the pullback, leading to a possible visit to the previous support zone. Potential lower targets are $2015 and $2010 levels.

Silver chart analysis

This week, we have seen the price of silver pull back to the $22.37 level. On Monday, we started at $23.20, and yesterday, we formed the previously mentioned low. We successfully got support and started a bullish consolidation up to the $22.80 level. During the previous Asian trading session, the price moved in the $22.70-$22.80 range. The current pressure is on the upper level, and we expect to see a break above and the formation of a new daily high.

Potential higher targets are $22.90 and $23.00 levels. In the zone around $22.90, we come across the EMA200 moving average, which could represent a greater resistance to further recovery. We need a negative consolidation and pullback below the $22.70 support level for a bearish option. There, we would be under more pressure, which would result in a further retreat. Potential lower targets are $22.50 and $22.40 levels.

 

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