Gold and Silver: Gold finds support at the $2010 level

Gold and Silver: Gold finds support at the $2010 level

This week’s gold price movement took place in the $2010-$2040 range.
Monday was negative for the price of silver, lowering it to the $21.91 level.

Gold chart analysis

This week’s gold price movement took place in the $2010-$2040 range. In the first part of the week, the price was in the upper part of this channel, trying twice to jump above the $2040 level. Everything ended without success, and on Wednesday, the price collapsed to the $2010 support level. After that, until today, we have seen consolidation in the lower part of the channel under the pressure of the EMA200 moving average.

During the Asian session, the price of gold held above $2020 hoping to see a break above the EMA200. Now, in the EU session, we see a slight bearish consolidation that could trigger a new pullback to the support level. A break below it would lead to the formation of this week’s new low, and thus, we get confirmation of the bearish option. Potential lower targets are $2005 and $2000 levels.

Silver chart analysis

Monday was negative for the price of silver, lowering it to the $21.91 level. After the received support, the price started a bullish consolidation that continues today. On Wednesday, we broke the resistance in the EMA200 moving average at the $22.70 level, and after that, we climbed to today’s level. This week’s high was formed yesterday at the $23.02 level; since then, we have been moving in the $22.80-$23.00 range.

We have EMA200 support and expect to see a continuation to the bullish side. Potential higher targets are $23.10 and $23.20 levels. We need a pullback below the EMA200 and the $22.60 level for a bearish option. Thus, we would be back under bearish pressure, and the price would begin to retreat to the next lower support. Potential lower targets are $22.50 and $22.40 levels.

 

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