Gold and Silver: The price of gold is testing $2320 support

Gold chart analysis

The price of gold remained in the bullish trend since last Tuesday and fell to the $2291 level. During the Asian session, we saw a pullback to $2320 but managed to hold within the bullish channel. We are getting new support and are starting an upward consolidation, climbing above the $2336 level. We are now within reach of $2340 and the EMA200 moving average.

We need another impulse to move us above and thereby strengthen the bullish option. Potential higher targets are $2350 and $2360 levels. We need a negative consolidation and pullback down to this morning’s support at the $2320 level for a bearish option.

With that step, gold could slip to a new daily low and confirm the bearish continuation. Potential lower targets are $2310 and $2300 levels.

Silver chart analysis

During the Asian trading session, the price of silver retreated to $26.92, forming a daily low there. After that, we returned above the $27.10 level. Now, we see the initiation of a bullish consolidation and a move above the $27.35 level. We have EMA50 moving average support and expect to continue above $27.40. Potential higher targets are $27.50 and $27.60 levels.

Additional resistance and obstacle is the EMA200 in the zone of $27.55 level. On Friday, we had an attempt to hold above the EMA200, but we didn’t succeed. We need a negative consolidation and pullback below the $27.10 level for a bearish option. After that, we put pressure on $27.00 and this morning’s low. Potential lower targets are $26.90 and $26.80 levels.

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