Gold and Silver: Gold is holding above $2030
The price of gold continues with bullish consolidation after testing the $2000 level.
During the Asian trading session, the price of silver continued to consolidate around the $25.50 level.
Gold chart analysis
The price of gold continues with bullish consolidation after testing the $2000 level. During the Asian session, the price of gold rose to the $2038 level. After that, the price retreated to support at the $2030 level. We got support there, and the price started a new bullish consolidation. Now we need to climb up to $2040 and try to stay up there. With the new impulse, the price of gold would have the opportunity to continue its recovery.
Potential higher targets are $2050 and $2060 levels. We need a negative consolidation and price pullback to the $2020 support level for a bearish option. Additional support at that level is in the EMA50 moving average. A price drop below that would mean we would likely see further declines in the price of gold. Potential lower targets are $2010 and $2000 levels.
Silver chart analysis
During the Asian trading session, the price of silver continued to consolidate around the $25.50 level. The price is supported by the EMA50 moving average. Based on that, we could expect to see a rise to the $25.80 level. Then we need to maintain ourselves up there and form a new bottom from which we would start further growth.
Potential higher targets are the $25.90 and $26.00 levels. We need a negative consolidation and pullback below the $25.40 level for a bearish option. After that, the price would test the $25.30 support level. Potential lower targets are the $25.20 and $25.00 levels.
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