Gold and silver: Gold price dropped to $2146 this morning

Gold and silver: Gold price dropped to $2146 this morning

During the Asian trading session, the price of gold fell to a new seven-day low at $2146. 
Last week’s silver price high was on Friday at the $25.44 level.

Gold chart analysis

During the Asian trading session, the price of gold fell to a new seven-day low at $2146. There, we get support and start a bullish consolidation and recovery up to the $2156 level. We are testing the weekly open price here, and we need a break above to continue on the bullish side. A little above that level in the zone, around $2160, we come across the EMA50 moving average. If we could move above, the price of gold would be a good position for further recovery.

Potential higher targets are $2165 and $2170 levels. We need a negative consolation and price pullback to this morning’s support level of $2146 for a bearish option. We are coming back under pressure from the EMA200 moving average. Under him, we are under great pressure to start a further retreat. Potential lower targets are the $2140 and $2135 levels.

Silver chart analysis

Last week’s silver price high was on Friday at the $25.44 level. After its formation, the price begins to retreat until this morning’s support at the $24.93 level. From there, we move into a slight positive consolidation above the $25.00 level. We need to break above $25.17, the weekly open price, to get rid of today’s bearish pressure.

Potential higher targets are the $25.20 and $25.40 levels. For a bearish silver price option, we need a drop to the $24.90 level. With this, we descend to a new daily low and receive confirmation of bearish pressure. We expect to see further pullback and search for new lower support. Potential lower targets are the $24.85 and $24.80 levels. The EMA200 is in the $24.45 zone.

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