Gold and silver: the price of gold slips below $1925 level
During the Asian trading session, the price of gold retreated from the $1926 level.
During the Asian trading session, the price of silver was retreating from the $23.60 level.
Gold chart analysis
During the Asian trading session, the price of gold retreated from the $1926 level. In the EU session, the price tried with a bullish impulse to break above the resistance, but it was stopped at the $1927 level. A pullback quickly followed, and the price fell to the $1920 support level. Now, the pressure is on that level, and we could soon see a breakout below and the formation of a new low for this week. Potential lower targets are $1918 and $1916 levels.
We need a positive consolidation and a price jump to the $1925 level for a bullish option. After that, we would be able to test the previous high from Friday at the $1929 level. A breakthrough above it would give us a new opportunity for a more specific bullish option. Potential higher targets are the $1930 and $1932 levels.
Silver chart analysis
During the Asian trading session, the price of silver was retreating from the $23.60 level. We fell to the $23.40 level, but we managed to get support in that zone. This managed to produce a bullish impulse and a jump to the $23.64 level. We failed to hold up there and are making a new turn towards the $23.40 support level.
We are already testing that level twice today. A break below would lead to forming a new low, extending the bearish option. Potential lower targets are $23.30 and $23.20 levels. Additional price support could be found in the EMA50 moving average around the $23.30 level.
We need a positive consolidation into a new breakout above the $23.60 level for a bullish option. After that, we could expect to see a continuation to the bullish side and the formation of a new high. Potential higher targets are $23.70 and $23.80 levels.
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