Gold and silver: Gold continues its steady growth
- This week’s high gold price was reached on Thursday at the $2523 level
- The price of Silver returned above the EMA 200 moving average yesterday and climbed to $29.17, a new weekly high
Gold chart analysis
This week’s high gold price was reached on Thursday at the $2523 level. After that, we saw a pullback and the lowest weekly open price of $2503. From there, we started a new bullish consolidation yesterday, which is active even now. During this morning’s Asian session, gold successfully held above $2515, and we are now at $2520. We expect to see further progress on the bullish side and test yesterday’s high.
Potential higher targets are the $2525 and $2530 levels. The all-time high is a step above at $2531. For a bearish option, we need a positive consolidation and a pullback of the gold price below $2510. This will form a new daily low and confirm that the price has lost its previous bullish momentum. Potential lower targets are the $2505 and $2500 levels. That brings us back to retesting the weekly open price and the EMA 200 moving average.
Silver chart analysis
The price of Silver returned above the EMA 200 moving average yesterday and climbed to $29.17, a new weekly high. After we formed it, the price soon started to pull back to the moving average. We got support again and managed to hold above during this morning’s Asian session. Silver is in a slight bullish consolidation and is advancing towards the $28.90 level. Here, we move above the weekly open price and erase all our losses this week.
Potential higher targets are $29.00 and $29.10 levels. For a bearish option, we need a negative consolidation and pullback of the silver price below the EMA 200 moving average and $28.70. This would move us to a new daily low and increase the pressure on the price to continue its retreat. Potential lower targets are $28.60 and $28.50 levels.
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