Gold and Silver: $2065 is the new high for gold this week

Gold chart analysis

The price of gold has been consistently bullish this week. Yesterday, we saw the formation of a new high at $2065. After that, the price retreated, and during the Asian session, we watched the movement in the zone around the $2055 level. Nothing changed in the EU session, and the price of gold continues to be held high. We need a jump above $2060 to wake up and try to retest yesterday’s level.

Potential higher targets are $2070 and $2075 levels. We need a price drop to the $2050 level for a bearish option. With that, we would start a pullback, and the price would be under pressure to continue the bearish consolidation that had begun. Potential lower targets are $2045 and $2040 levels. EMA200 could provide us with support in the zone around the $2035 level.

Silver chart analysis

The price of silver fell yesterday to the $22.49 level, thus forming this week’s low. With a new strong bullish impulse, we quickly returned above the $23.00 level and, after that, continued the bullish consolidation. During the Asian trading session, the price successfully stayed above the $23.10 level, and now we expect to see a continuation above the $23.20 level. This week’s silver price high was formed on Wednesday at the $23.32 level.

Potential higher targets are $23.30 and $23.40 levels. I need a pullback below the $23.10 level for a bearish option. Again, we would put pressure on the $23.00 support level. Immediately below is the EMA200 in the zone around $22.95 levels. A break below would significantly increase the bearish momentum and thus push the price of silver even lower. Potential lower targets are $22.80 and $22.70 levels.

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