Gold and Silver: gold remains under pressure below $1,940
The price of gold remained low at the beginning of this week, below the $1940 level.
The price of Silver continues to slide lower and lower, falling below the $22.00 level this morning.
Gold chart analysis
The price of gold remained low at the beginning of this week, below the $1940 level. On Friday, a low was formed at the $1933 level. We got support in that zone, but the recovery is weak, and now we are at the $1937 level. It would be desirable if we could see a break above the $1940 level and stay above it. After that, we could expect to see a continuation of the recovery to the bullish side.
Potential higher targets are $1945 and $1950 levels. EMA50 moving average is in the zone around $1960 levels. We need a negative consolidation and a price breakout below the $1930 level for a bearish option. In this way, we would see the formation of a new low and get confirmation of bearish momentum for further continuation. Potential lower targets are the $1925 and $1920 levels.
Silver chart analysis
The price of Silver continues to slide lower and lower, falling below the $22.00 level this morning. At the market’s opening, the price was at the $22.20 level, followed by bearish consolidation and a drop to the current level. We are just seeing a break below the $22.00 level and the formation of a new thirty-day low at the $21.96 level. Bearish pressure is likely to continue to push the price of Silver even lower.
Potential lower targets are $21.90 and $21.80 levels. We need a positive consolidation and return above the $22.20 level for a bullish buy. Thus, we would return above last week’s low, which could be considered the first step towards the continuation of the recovery on the bullish side. Potential higher targets are $22.40 and $22.50 levels.
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