Gold and silver: gold needs a jump above the $2330 level
- The price of gold retreated to the $2,293 level last week.
- The price of silver fell to a new June low at $28.55 last Wednesday.
Gold chart analysis
The price of gold retreated to the $2,293 level last week. After gaining support in that zone, the price started a bullish consolidation to $2,339. There, we encountered resistance, and gold had to retreat to the $2325 level. During this morning’s Asian trading session, the price movement took place in the $2320-$2330 range. In the middle of this channel is the EMA200 moving average and for now, it provides slight support for the price of gold.
This could trigger a bullish consolidation and form a new weekly high. Potential higher targets are $2335 and $2340 levels. For a bearish option, we need a break below the $2320 level. With that step, the price of gold could easily form a new weekly low. It only confirms that the price is under pressure and needs better support. Potential lower targets are $2310 and $2305 levels.
Silver chart analysis
The price of silver fell to a new June low at $28.55 last Wednesday. After that, the price stabilized and started a bullish consolidation until Friday, reaching the $29.60 level. There, we encountered new resistance that brought us down to support at $29.00. During this morning’s Asian trading session, the movement took place in the $28.95-$29.20 level. We need an impulse in some direction so that we can more easily determine the trend.
A downward impulse to $28.80 could trigger a further pullback and a visit to last week’s support zone. Potential lower targets are $28.70 and $28.60 levels. A push to $29.30 would bring us closer to the EMA200 moving average. If further bullish consolidation continues, silver will have an opportunity to move above the EMA200. Potential higher targets are $29.40 and $29.60 levels.
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