Gold and silver: the price of gold has resistance at $2360
- Yesterday, the price of gold only managed to rise to the $2,364 level.
- This morning, the price of silver reached a new weekly high at the significant $32.29 level.
Gold chart analysis
Yesterday, the price of gold only managed to rise to the $2,364 level. There, we encountered resistance and did not have the strength for further recovery. Additional pressure in that zone was in the EMA200 moving average. During this morning’s Asian trading session, the price started a bearish consolidation, and now we see it below the $2350 level. We are currently at $2346 but under a lot of pressure to continue on the bearish side.
Potential lower targets are $2340 and $2335 levels. For a bullish option, the price of gold must first move above the EMA50 and the $2355 level. With the EMA50 support, it will be easier for us to trigger the impulse again to $2365 and the EMA200 moving average. Potential higher targets are $2370 and $2375 levels.
Silver chart analysis
This morning, the price of silver reached a new weekly high at the significant $32.29 level. However, it paused at this level and pulled back to the $32.00 level. There is slight pressure visible on the chart, which could potentially lead to a price decline. Lower targets could be the $31.80 and $31.60 levels. We will test the EMA50 moving average in the $ 32.60 level zone, hoping for its support.
The EMA200 moving average is currently positioned at the $30.85 level, indicating a potential for positive consolidation. A hold above the $32.00 level could pave the way for a bullish option. If we manage to maintain this position, we could be in a favorable position to continue on the bullish side, with potential higher targets at $32.40 and $32.60 levels.
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