Gold and silver: Gold under pressure below the $2380 level
- On Friday evening, the price of gold rose to the $2,391 level, forming a new July high.
- On Friday, the price of silver rose to $31.49, forming a 30-day high at that level.
Gold chart analysis
On Friday evening, the price of gold rose to the $2,391 level, forming a new July high. During this morning’s Asian session, we observed a pullback from that level to $2375. In the previous two hours, the price stabilized and moved in the $2375-$2380 range. The potential for a break above the upper level of this range could lead to a new positive consolidation, bringing us closer to the previous high of $ 2390.
Potential higher targets are the $2395 and $3400 levels. For a bearish option, a negative consolidation and a descent to the $2370 level are needed. There, we will test the EMA50 moving average. A failure to hold above this level could trigger an impulse below and form a new weekly low, highlighting the potential risks. Potential lower targets are the $2365 and $2360 levels.
Silver chart analysis
On Friday, the price of silver rose to $31.49, forming a 30-day high at that level. After that, the bullish momentum weakened, and the price began to retreat to $31.20. During this morning’s Asian trading session, the pullback continued until the 30.80 support level. At that level, the price is testing the support of the EMA 50 moving average.
With this support, we could start a new bullish consolidation and start a recovery. Potential higher targets are $31.20 and $31.40 levels. We need a pullback below the EMA 50 and up to the $30.60 level for a bearish option. Thus, we continue today’s bearish consolidation. Potential lower targets are $30.40 and $30.20 levels. A move lower to $30.00 silver could find support at the EMA 200 moving average.
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