Gold and silver: Gold is getting closer to the $2370 level
- The price of gold successfully took advantage of the dollar’s weakness, climbing to the $2368 level today.
- The price of Silver climbed to a new weekly high this morning at the $30.68 level.
Gold chart analysis
The price of gold successfully took advantage of the dollar’s weakness, climbing to the $2368 level today. On Thursday, the price moved in the $2350-$2360 range, and this morning, we saw a break above to a new weekly high. All indications are that gold could climb to a new high by the end of the day. Potential higher targets are $2370-$2375 levels.
We need to return to the previous range of movement for a bearish option. After that, gold should test the $2350 support level. The EMA50 moving average provides additional support in that zone. With increased bearish momentum, the price will be forced to move below and continue the pullback. Potential lower targets are the $2345 and $2340 levels. The EMA200 moving average is in the $2340 zone.
Silver chart analysis
The price of Silver climbed to a new weekly high this morning at the $30.68 level. This week’s movement was in a strong bullish consolidation supported by the EMA50 and EMA200 moving averages. The price is now at $30.58, a slight pullback from the previous high. We do not rule out a new test of the daily open price before we move to the bullish side again.
Potential higher targets are $30.80 and $31.00 levels. For a bearish option, we need a negative consolidation and a drop in the price of Silver below the $30.20 level. This is where we come across the EMA50 moving average. Without its support, we go below to a new daily low. Such a picture will only increase the pressure on Silver to continue his retreat. Potential lower targets are $30.00 and $29.80 levels. EMA200 is waiting for us in the $29.80 zone.
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