Gold and silver: gold was again below $2300 level last night

Gold chart analysis

The price of gold dropped to $2,295 yesterday. We were close to testing the weekly open price support. The price starts to recover with new support during this morning’s Asian session. In the EU session, gold continues its trend up to the $2316 level. We are getting support from the EMA50 moving average and hope for further recovery to the bullish side. In the $2325 zone, we will test the EMA200 moving average.

Potential higher targets are $2330 and $2340 levels. For a bearish option, we need a negative consolidation and a pullback of the price down to the $2300 level. This moves us below the daily open price and the EMA50 moving average. This will only increase the pressure on gold to continue its decline to lower levels. Potential lower targets are $2290 and $2280 levels.

Silver chart analysis

The price of silver fell to $28.64 on Thursday, a new weekly low. Thus, the three-week bearish trend continued. During this morning’s Asian trading session, the price starts a bullish consolidation and climbs up to the $29.15 level. Here, we now test the EMA50 moving average and the weekly open price. We need another impulse above to break these levels. After that, it will be easier for us to continue with the recovery.

Potential higher targets are $29.40 and $29.60 levels. The EMA200 moving average is a step above at the $29.80 level. We need a negative consolidation and pullback below the $29.00 level for a bearish option. That turns us to the previous low and its new testing. Potential lower targets are $28.80 and $28.60 levels.

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