Gold and silver: the price of gold rose to $2050 yesterday

Gold chart analysis

Yesterday, we saw the price of gold again at the $2050 level. In the first three days of this week, we only managed to reach the $2040 level. Last night, we saw a pullback to $2045 from 2050$. During the Asian trading session, we managed to stay above that level, only to see a drop below to support at the $2040 level in the EU session. The price is retesting the previous resistance zone, and if we stay above it, we will have good support for a new bullish consolidation.

Potential higher targets are $2050 and $2055 levels. Conversely, a drop below $2040 returns us to the previous movement zone. With that step, the price would move to the defensive, and we could see a pullback to the $2030 level. There, we meet the EMA200 moving average, which would give us new support as last time.

Silver chart analysis

After silver’s drop to $22.25 on Wednesday, we saw new pressure in that zone yesterday. We got support at the $22.30 level, which was followed by a strong bullish impulse and a price jump to the $22.80 level. With that move, we moved above the EMA200 and remained above during the Asian session price. At the start of the EU session, the pressure on the price of silver is increasing, and we see a retreat to the $22.50 level.

For now, we are successfully maintaining above that level and expect to receive support in that zone. We need a rebound above the EMA200 to release the pressure and initiate a bullish consolidation. We would be back above $22.60 and could test the weekly high at $22.80. Potential higher targets are $22.85 and $22.90 levels.

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