Gold and Silver: Gold is back above the $1965 level

During the Asian trading session, the price of gold retreated from $1972 to $1949. 
During the Asian trading session, the price of silver retreated to the $23.54 level. 

Gold chart analysis

During the Asian trading session, the price of gold retreated from $1972 to $1949. The price quickly consolidates at that level and starts a new recovery. Gold is back above the $1960 level, and now we are trying to hold above it to continue the growth. Potential higher targets are the $1970 and $1980 levels.

We need a new negative consolidation and a drop below the $1960 level for a bearish option. By falling below, we would also fall below the EMA50 moving average, which could further pressure the price of gold. Potential lower targets are the $1950 and $1940 levels.

Silver chart analysis

During the Asian trading session, the price of silver retreated to the $23.54 level. After that, the price consolidated very quickly and started a recovery. We are now looking for support at $23.80 to continue the recovery. The next target is the $24.00 level, and with a break above it, we would have a chance to test last week’s high at the $24.15 level.

For the bearish option, we need a negative consolidation and a pullback of the price below the $23.80 level. After that, we could go down to this morning’s support. Potential lower targets are the $23.50 and $23.30 levels, with support in the EMA50 moving average.

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