Gold at the $2378 level on Friday, Silver’s price at $28.76

Gold chart analysis

Last week’s gold price growth was stopped on Friday at the $2378 level. After the formation of a new high, the growth stopped there, and we started to pull back. The price dropped to the $2,360 level by the market’s closing on Friday. With the start of this morning’s Asian trading session, gold continued to retreat up to the $2343 level. In the zone of $2350 level, we met with the EMA50 moving average, but we did not manage to stay above it. Instead, we fell below it.

We expect to see a continuation of the current bearish consolidation by the end of the day. Potential lower targets are $2340 and $2335 levels. The EMA200 moving average is still slightly lower in the $2330 zone. For a bullish option, we need a positive consolidation and stabilization above $2350 and the EMA50 moving average. With the new bottom, we will have the opportunity to initiate a new bullish consolidation. Potential higher targets are $2355 and $2360 levels.

Silver chart analysis

On Friday, the price of silver rose to the $28.76 level. At that level, we formed a new May high. The price stopped the bullish trend there and initiated a pullback to the $28.00 level. During the Asian trading session, prices remained under pressure around the $28.00 level. Here, we also test the EMA50 moving average. The current picture tells us that we could see a breakout below and a pullback to a new low.

Potential lower targets are $27.80 and $27.60 levels. For a bullish option, we need stabilization above the $28.20 level. If we manage to move there, it could initiate a new positive consolidation. After that, we expect a return to the bullish trend and a recovery of the price of silver. Potential higher targets are $28.40 and $28.60 levels.

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