Gold and Silver: Gold remains high in the all-time high zone
- During this morning’s Asian trading session, the price of gold found support at the $2455 level
- The price of silver continues today with lateral consolidation in the $27.60-$28.00 range
Gold chart analysis
During this morning’s Asian trading session, the price of gold found support at the $2455 level. After that we saw a bullish consolidation up to $2480. For now, the price stops at that level and makes a correction to the $2462 level. The drop to this level was short-term, and gold is again trying to maintain itself above the $2470 level. If it succeeds, it could hit the weekly high at $2480 again.
Potential higher targets are $2485 and $2490 levels. For a bearish option, we need a new pullback to the $2460 level. With that step, we descend again into the support zone. We will try to get the EMA 50 moving average support. With momentum below, we lose support, and gold should form a new low. Potential lower targets are $2455 and $2450 levels.
Silver chart analysis
The price of silver continues today with lateral consolidation in the $27.60-$28.00 range. We retested the $28.00 level a while ago but did not have the momentum to move above it, triggering a pullback to $27.75. At this level, the EMA 200 moving average creates additional pressure. We need his support if the price plans to start a bullish consolidation. With a break above $28.00, we hope that silver will have enough strength to continue rising.
Potential higher targets are the $28.20 and $28.40 levels. For a bearish option, we need a pullback of the silver price down to $27.60. There is a critical zone because with a new bearish impulse, we are moving to a new daily low. With that step, the bearish momentum is strengthened to continue pushing the price lower. Potential lower targets are the $27.40 and $27.20 levels.
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