Gold and Silver: Gold meets resistance this morning at $2347
- Last Friday was a day to stabilize the price of gold.
- On Friday, we watched silver prices manage to hold above the EMA200 moving average and $30.00.
Gold chart analysis
Last Friday was a day to stabilize the price of gold. The movement took place in the $2342-$2347 range, and at the market’s closing, the price was at $2,334. During this morning’s Asian trading session, we see the initiation of a new positive consolidation and a new rise to Friday’s high at the $2347 level. Now, we encounter the EMA50 moving average in this zone, which did not allow us to move above.
There has been a pullback to the $2340 level, and we are looking at where we could find new support. We do not rule out retesting the weekly open price. Holding above gives us a new opportunity to initiate another positive consolidation. Potential higher targets are $2350 and $2360 levels. The EMA200 moving average is up around the $2370 level.
Silver chart analysis
On Friday, we watched silver prices manage to hold above the EMA200 moving average and $30.00. During this morning’s Asian trading session, the price started a new positive consolidation up to $30.80. We are currently stopping at that level and making a short pullback to $30.75. We hope the price remains above $30.60 and the EMA50 moving average. If silver succeeds in this, it will have a good position from which it could start a further recovery.
Potential higher targets are $31.00 and $31.20 levels. We need a negative consolidation and a drop to the $30.35 level for a bearish option. This brings us down to the weekly open price, where we also test the EMA200 moving average. The inability to maintain above, pushes us to a new low and thereby confirms the weakness of the price of silver. Potential lower targets are $30.00 and $29.80 levels.
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