Gold and Silver: Gold finds support at the $1912 level
- This week’s gold price growth was stopped yesterday at the $1923 level.
- The price of silver jumped to the $24.40 level on Wednesday, forming this week’s high.
Gold chart analysis
This week’s gold price growth was stopped yesterday at the $1923 level. During the Asian trading session, the price of gold was retreating to support at the $1912 level. For now, we are staying at that level, and we could expect to see a new bullish consolidation and continued growth in the price of gold. Potential higher targets are the $1920 and $1930 levels.
For a bearish option, we need a continuation of the negative consolidation and a price drop below the $1910 support level. A break below this level would increase pressure on the price of gold, which would trigger continued retreat. We could have additional support in the EMA50 moving average in the zone around the $1908 level. Potential lower targets are $1900 and $1980 level.
Silver chart analysis
The price of silver jumped to the $24.40 level on Wednesday, forming this week’s high. From there, we start a pullback to the morning support at the $24.00 level. The price decline was stopped at that level, and now we see a slight recovery to the $24.15 level. If this consolidation continues, we could expect to see a continuation of the recovery to the bullish side. Potential higher targets are $24.20 and $24.40 levels.
We need a negative consolidation and pullback below the $24.00 level for a bearish option. With a drop below this level, the price would be under more pressure to continue its retreat. Potential lower targets are $23.80 and $23.60 levels.
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