Gold and silver: the price of gold again below $2300
- On Friday, gold was retreating from $2,387 to $2,286.
- On Friday, we saw a strong pullback in the silver price from $31.54 to $29.10.
Gold chart analysis
On Friday, gold was retreating from $2,387 to $2,286. The reason for this decline is positive data from the US economy, which strengthened the dollar. During this morning’s Asian trading session, gold moved in the $2286-$2300 range. If the price manages to stabilize and move above the $23,000 level, it will have the opportunity to start a positive consolidation.
Potential higher targets are $2310 and $2320 levels. We could encounter additional resistance in the EMA50 in the $2320 zone. However, we need to be prepared for a pullback below this morning’s zone and the $2285 level, which could trigger a bearish option. In this scenario, we would see a new weekly low and confirm the bearish momentum, a possibility that our audience of traders and investors should be aware of. Potential lower targets are $2280 and $2270 levels.
Silver chart analysis
On Friday, we saw a strong pullback in the silver price from $31.54 to $29.10. The strong dollar has influenced the prices of all metals to make a retreat. During this morning’s Asian trading session, the price stabilized and initiated a bullish consolidation to $29.60. This bullish momentum should have enough power to lift us to higher levels.
Potential higher targets are the $29.80 and $30.00 levels. In the $30.00 zone, we encounter the EMA50 moving average, which could pose a problem for further recovery. For a bearish option, we need a negative consolidation and pullback down to $29.15, the weekly open price. After that we are again forced to test the previous support zone. Potential lower targets are $28.80 and $28.60 levels.
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