Gold and silver: Gold price on the way to $2300 support

Gold chart analysis

This week’s gold price high was formed on Monday at the $2332 level. After that, a bearish consolidation was initiated that continues today. Yesterday, we fell below the EMA200 moving average, which further affected and pushed the price of gold to the $2303 level. We get new support here and we go back to the EMA200, now at the $2316 level. We need an impulse that will move us above and release us from the bearish pressure.

Potential higher targets are the $2320 and $2325 levels. We need a new negative consolidation and pullback down to this morning’s support for a bearish option. A little below it, we have the weekly open price at the $2301 level. New pressure in that zone could push us below to a new weekly low. Potential lower targets are $2295 and $2290 levels.

Silver chart analysis

Last Thursday, the price of silver fell to $26.00. After the formation of the May low at that level, a positive consolidation was initiated and a return on Monday above the $27.00 level. There, we found support in the EMA200 moving average and continued up to the $27.51 level. Silver form a new weekly high at that point and begin a pullback to $27.00, now retesting the EMA200 moving average support.

We have his support for now and are growing up to the $27.25 level. We need further positive consolidation to go back up to the $27.50 level. Potential higher targets are $27.60 and 27,704 levels. Falling below the EMA200, we move to the bearish side and can expect a pullback to the weekly open price.

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