Gold and Silver: the price of gold near the $2170 level

Gold chart analysis

The price of gold is rising to a new weekly high at the $2168 level. This week’s low was on Monday morning at the $2079 level, after which the price of gold started a bullish consolidation and rose until today. We expect to see a break above the $2170 level and form a new weekly high. Potential higher targets if the price continues the current trend are the $2175 and $2180 levels.

For a bearish option, we need the first pullback to the $2150 support level, which was yesterday’s support zone. New pressure could lead to a drop below and break the support level. With this, we form a two-day low and confirm the weakness of the gold price. Potential lower targets are the $2140 and $2130 levels. The EMA200 was in the zone of  $2100.

Silver chart analysis

The price of silver just climbed to a weekly high at the $24.54 level. We started the week at the $23.00 level, and from that level, we are in a bullish consolidation that continues today. On Wednesday, the silver price managed to stay above the $24.00 level. At that point, we retested the previous high from the day before. With the new support, it was much easier for me to start further growth above the $24.25 level.

Now, we expect to see a continuation on the bullish side, and potential higher targets are the $24.60 and $24.70 levels. For a bearish option, the price of silver would have to first drop below the $24.25 level. After that, there would be an increase in bearish momentum, which would certainly have a negative impact on the price movement. Potential lower targets are the $24.10 and $24.00 levels.

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