Gold and Silver: the price of gold retreats to $2000
- Yesterday’s attempt by the price of gold to hold above $2040 was unsuccessful.
- The price of silver experienced a big drop yesterday from $25.90 to $24.20 level.
Gold chart analysis
Yesterday’s attempt by the price of gold to hold above $2040 was unsuccessful. A retreat and a fall to the $2010 level followed very quickly. During the Asian trading session, the price of gold remained above the $2010 level, but in the EU session, we saw a breakthrough below and a drop to the $2000 level. Price could find some support here.
We need positive consolidation and a return to the 2015$ level for a bullish option. Then we need to stay above that level in order to stabilize there and start a new recovery with a new impulse. Potential higher targets are $2020 and $2030 levels. For a bearish option, we need a drop below the support at the $2000 level, and the potential lower targets are the $1990 and $1980 levels.
Silver chart analysis
The price of silver experienced a big drop yesterday from $25.90 to $24.20 level. During the Asian trading session, the price of silver continues to fall, and today’s low price is the $23.72 level. If we do not get support at the current position, the price of silver could continue to fall to $23.50. Potential lower targets are the $23.40 and $23.20 levels.
For a bullish option, we need a positive consolidation and a return above $24.00. Then we need to keep up with new momentum to start a new recovery in the price of silver. Potential higher targets are the $24.40 and $24.60 levels.
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