Gold and Silver: Gold price at a weekly low of $2325

Gold chart analysis

During this morning’s Asian trading session, the price of gold formed a new weekly low at the $2325 level. However, with the formation of a new bottom, the price is showing signs of a recovery, reaching the $2338 level. This upward trend is expected to continue, potentially leading to a profitable price growth. A break above the $2340 level will further strengthen the bullish momentum, with potential higher targets at $2350 and $2360 levels, offering promising profit opportunities. 

Additional resistance in the $2360 zone is the EMA50 moving average. If it happens that the price of gold begins to weaken again, we expect testing of yesterday’s low soon. This could produce a new bearish impulse and a drop to a new weekly low. Potential lower targets are $2320 and $2310 levels.

Silver chart analysis

The price of silver dropped to the $30.00 level this morning. After that, a recovery to the $30.60 level was launched. For now, we stop at that level and pull back slightly to the $30.40 level. We expect to receive new support soon and move on to the bullish side. With a rise above $30.80, we will cross the EMA50 moving average and get its support for our further recovery.

Potential higher targets in the silver market are $31.00 and $31.20 levels. However, it’s important to note that we need to observe a negative consolidation and pullback to this morning’s support at the $30.00 level for a bearish option. We are currently pulling back below the EMA200 moving average, which could put pressure on the price of silver to continue its pull to a new low. Potential lower targets are $29.80 and $29.60 levels, indicating a potential for caution in the market.

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