Gold and Silver: The price of gold fell below 2300 yesterday

Gold chart analysis

The price of gold fell to the $2291 level yesterday. In two days, we have seen a pullback of over $100 from Friday’s price of $2417. The fall was stopped yesterday in the EU session, after which we started a bullish consolidation and growth up to the $2330 level. This is where we encountered new resistance during this morning’s Asian session. We did not manage to move above, but a bearish consolidation was initiated and a drop to the $2310 support level.

If this movement continues, we could test the $2300 level. Potential lower targets are $2290 and $2280 levels. We need a strong impulse above the $2330 level for a bullish option. With that, we break through the resistance zone and climb to a two-day high. Potential higher targets are $2340 and $2350 levels.

Silver chart analysis

The price of silver fell to $26.64 yesterday. We have significantly moved away from last week’s high at the $28.93 level. Yesterday, we managed to stop the decline and start a recovery to the $27.40 level. There, we encounter a new resistance, and additional pressure is created by the EMA50 moving average. The price was forced to retreat, and now we are at the $27.12 level. We are headed towards $27.00, which could pull us even lower.

Potential lower targets are $26.80 and $26.60 levels. We need a positive consolidation, a move above $27.40, and the EMA50 moving average for a bullish option. With this, we get rid of the bearish pressure and turn to the bullish side. Potential higher targets are $27.60 and $27.80 levels. Additional resistance in the zone around $27.80 is in the EMA200 moving average.

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