Gold and Silver: Silver slides to $22.25 level this morning

Gold chart analysis

The price of gold stopped at $2039 yesterday. From that level, we started to pull back until this morning at the $2024 level. The fall is stopped there, and with the support of the EMA200 moving average, we return above and recover to the $2030 level. In this morning’s zone, we had a big instability in the price that caved in and fell below. We are now retesting that zone and expect to move above it. Potential higher targets are $2035 and $2040 levels.

We need a negative consolidation and pullback below $2025 and EMA200 for a bearish option. We are down again in an opportunity to test the weekly low. New pressure on that level could easily make a breakthrough below and form a new low. Potential lower targets are $2020 and $2015 levels.

Silver chart analysis

The price of silver has been in a bearish trend for the second consecutive week. Today, we dropped to a new two-week low at $22.25. We see a slight recovery to $22.35 but remain under bearish pressure. We will need to move above $22.50 if we plan to see a recovery on the bullish side. Crossing above $22.50 brings the price back above the daily open price.

Then, we have the opportunity to form a bottom and start a new bullish consolidation. Potential higher targets are the $22.60 and $22.70 levels. Additional resistance in the zone around $22.70 is the EMA200 moving average, and this week’s open price is at the $22.94 level. We need a continuation of negative consolidation and a drop below today’s low for the bearish option. Potential lower targets are the $22.20 and $22.10 levels.

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