Gold and Silver: Gold price retreats on Friday below $2670
- After the price of gold climbed to a new all-time high yesterday, we saw a pullback to the $2655 support level
- Yesterday, the price of silver failed to maintain the zone of the weekly high of $32.70
Gold chart analysis
After the price of gold climbed to a new all-time high yesterday, we saw a pullback to the $2655 support level. The price at that level gets support again and starts a recovery, but this time only up to the $2678 level. During this morning’s Asian session, the price initiated a bearish consolidation to $2660, where it will test the EMA 50 moving average. If the support does not withstand the current pressure, gold will have to make a move below to a new daily low.
Potential lower targets are the $2650 and $2640 levels. For a bullish option, we hope that the price will manage to hold above the EMA 50 and $2660. Then, from there, we need another bullish consolidation to start the gold price rally. A jump above $2675 would be a good indication that we are back on the bullish path. Potential higher targets are the $2690 and $2700 levels.
Silver chart analysis
Yesterday, the price of silver failed to maintain the zone of the weekly high of $32.70. A pullback was initiated, and the price slipped below the $32.00 level. During this morning’s Asian trading session, the decline continued to $31.56, a two-day low. The EMA 50 moving average is now on the bearish side, putting further pressure on silver to continue its retreat. Potential lower targets are the $31.40 and $31.20 levels.
More serious price support is on the $31.20 weekly open level with the EMA 200 moving average. If we manage to get back above the EMA 50 and the $32.00 level, it would mean that the price is starting a new bullish momentum. A return above the daily open level to the positive side would mean a lot to us. Potential higher targets are the $32.20 and $32.40 levels.
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