Gold and Silver: The price of gold is back above $2000
The price of gold remained above the $1980 level yesterday.
During the Asian trading session, the silver price managed to hold above the $25.00 level.
Gold chart analysis
The price of gold remained above the $1980 level yesterday. After which, we see a bullish impulse and a jump to the $2000 level. During the Asian trading session, the price of gold managed to maintain the range of $1995-$2000 level. We now have a new opportunity to make a breakout above and begin a continuation of the recovery.
Potential higher targets are the $2010 and $2020 levels. We need a negative consolidation and pullback to the $1990 level for a bearish option. We would then pull back below the EMA50 moving average, which could put further pressure on the price of gold and take it even lower. Potential lower targets are the $1980 and $1970 levels.
Silver chart analysis
During the Asian trading session, the silver price managed to hold above the $25.00 level. Now we see that the price does not have the strength for a more specific jump, and we see a slight pullback and test of the $24.90 level. Additional resistance to the move to the bullish side is the EMA50 moving average in the zone around the $25.10 level.
Potential lower levels that we could visit are $24.80 and $24.70. We need a positive consolidation and a break above the $25.10 level for a bullish option. Then we need to maintain the above and, with a new impulse, start the continuation of the price recovery. Potential higher targets are $25.20 and $25.30 levels.
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