Gold and silver: the price of gold rises to the $1920 level
- During the Asian trading session, the price of gold rose to resistance at the $1920 level.
- During the Asian trading session, the silver price growth stopped at $22.94.
Gold chart analysis
During the Asian trading session, the price of gold rose to resistance at the $1920 level. That level coincided with the EMA50 moving average, which further weighed on the price and sent it down. We are currently at the $1912 level; soon, we could test the $1910 level of support. We need a price breakout below and negative consolidation for a bearish option.
After that, gold could fall to the $1900 support level. Last week we saw a breakout below and the formation of a lower low at the $1892 level. For a bullish option, we need a positive consolidation and a return of the gold price above the $1920 level. Then we need to stay up there. With a new bullish impulse, we would start the continuation of the gold price recovery. Potential higher targets are the $1930 and $1940 levels.
Silver chart analysis
During the Asian trading session, the silver price growth stopped at $22.94. Very quickly, we encountered resistance there, and silver pulled back below the EMA50 moving average. A picture like this could now add further pressure on the price of silver and send it even lower. We would again have the opportunity to visit last week’s lows.
Potential lower targets are the $22.60 and $22.40 levels. We need a positive consolidation and return above the EMA50 and the $22.90 level for a bullish option. Then it is necessary to stay above that and start the recovery with a new impulse. Potential higher targets are the $23.00 and $23.10 levels.
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