Gold and silver: the price of gold recovered to $2320 level

Gold chart analysis

The price of gold continues the bullish consolidation that started on Monday. Today’s movement takes place in the $2310-$2320 range. We have slight support at the EMA50 moving average and expect to continue the recovery. Potential higher targets are the $2330 and $2340 levels. In the $2330 zone, the price will meet the EMA200 moving average. There, we can have more resistance to continue to the bullish side.

We need a negative consolidation and a pullback of the price below the $23000 level for a bearish option. With that step, we break through the previous bullish formation, which will only increase the pressure on gold. We are back again in the support zone from the beginning of the week at $2295. Potential lower targets are $2290 and $2280 levels.

Silver chart analysis

The price of silver pulled back to the $29.00 support level yesterday. After that, the price gets that support and moves in the $29.00-$29.40 range. Today’s movement is slightly more optimistic as the chances are good that we will see an impulse above the $29.60 level. That move moves us above the EMA50 moving average, giving us its support. Then, we can expect the acceleration of positive consolidation and the growth of silver to higher levels.

Potential higher targets are $29.80 and $30.00 levels. The new open in the $30.00 zone is the EMA200 moving average. We need a negative consolidation and a drop below the $29.25 level for a bearish option. With this step, we return to testing the weekly open price and $29.00 this week’s low. Potential lower targets are $28.80 and $28.60 levels.

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