Gold and Silver: Silver crosses resistance at $25.00 level

Gold chart analysis

Yesterday, we saw another pullback in the price of gold to support the $2152 level. After the new support, the recovery started, and by the end of the day, we were back above the $2160 level. During the Asian session, the price continued the previous bullish consolidation and rose to the $2170 level. We are encountering slight resistance here, but the consolidation tells us that we could soon see a break above and a new daily high formation.

Potential higher targets are the $2175 and $2180 levels. In the zone around $2180, we test the weekly open price, and by moving above it, we return to the bullish side. We need a price pullback below the $2165 level for a bearish option. With that step, we drop below the EMA50 moving average. Below that, gold would be under more pressure to start a further retreat. Potential lower targets are $2162.5 and $2160 levels.

Silver chart analysis

Yesterday, the price of silver crossed the $25.00 level for the first time this year. After that, we saw consolidation to support at the $24.80 level. During the Asian trading session, the price initiated a new positive consolidation. That pushes us above $25.00 and jumps to a new weekly high at the $25.20 level. After that, we pulled back slightly and are now holding in the $25.00-$25.20 range.

We could see a new bullish impulse and a rally to another high. Potential higher targets are $25.30 and $25.40 levels. We need a negative consolidation and a drop below the $25.00 level for a bearish option. After that, we look at this morning’s support at $24.80. With a break below, we slide to a new daily low and thereby get confirmation of the current bearish momentum. Potential lower targets are $24.70 and $24.60 levels.

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