Gold and Silver: The price of gold is holding above $1910
- During the Asian trading session, the price of gold fell to a new August low at the $1909 level.
- During the Asian trading session, the price of silver reached 22.50, the lowest in the previous 30 days.
Gold chart analysis
During the Asian trading session, the price of gold fell to a new August low at the $1909 level. In the continuation, the price recovered slightly to the $1915 level, where it encountered resistance. We are now moving into the $1910-$1915 range and need a breakout above or below to determine the trend.
We need a positive consolidation and price breakout above the $1915 level for a bullish option. Then, we need to stay above and start further recovery with a new impulse. Potential higher targets are the $1920 and $1925 levels.
We need a negative consolidation and a drop below the $1910 level for a bearish option. After that, we can expect to see a continued retreat in the price of gold. Potential lower targets are $1900 and $1890 levels.
Silver chart analysis
During the Asian trading session, the price of silver reached 22.50, the lowest in the previous 30 days. At the start of the EU session, silver made a positive move and climbed to the $22.70 level. We are now consolidating around that level, and we could expect to see further recovery in the price of silver.
We need a positive consolidation and a move to the $22.80 level for a bullish option. Then, we need to see a breakout above and hold above there. With the next impulse, we would start further recovery, and the potential higher targets are $22.90 and $23.00 levels.
We need a negative consolidation and a price drop below the $22.50 level for a bearish option. After that, the price will form a new low, which confirms the bearish scenario. Potential lower targets are $22.40 and $22.30 levels.
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