Gold and silver: Gold jumps to the $2030 level
During the Asian session, the price of gold manages to gain support at the 2015$ level.
The price of silver yesterday had a very positive day, with a jump to $25.66.
Gold chart analysis
During the Asian session, the price of gold manages to gain support at the 2015$ level. This was followed by a bullish impulse that pushed the price all the way to the $2029 level. For now, that level is an obstacle for us, and the price of gold has retreated to the $2025 level. We are now looking at the 2020$ level as the place of the next potential support. A drop below could see a continuation of the pullback to this morning’s support level at the $2015 level. If we don’t get support there either, the price could continue toward the $2000 level. We need a positive consolidation and price breakout above the $2030 level for a bullish option. Then we need to try to stay above so that we can consolidate ourselves above and continue to grow.
Silver chart analysis
The price of silver yesterday had a very positive day, with a jump to $25.66. In the previous week, we had resistance at $25.00, and yesterday we managed to break above and form a new higher high. After forming a new higher high, the price returned to the $25.05 level. Silver is again supported at that level, and we are starting new growth. During the Asian trading session, the price hovered around the $25.50 level. We now see a new breakout above and are once again above the $25.60 level. Potential higher targets are the $25.70 and $25.75 levels. For a bearish option, we need a negative consolidation and a new pullback to this morning’s low at $25.40. A break below could be considered a continuation of the pullback to psychological support at the $25.00 level.
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