Gold and Silver: Prices of the metals continue to rise
Gold and Silver: Prices of the metals continue to rise
The price of gold has continued the bullish trend since the beginning of the year. During the Asian trading session, the price of silver managed to hold above the $24.00 level.Gold chart analysis
The price of gold has continued the bullish trend since the beginning of the year. We started this year at the $1823 price and are now at the $1860 level. The weak dollar index led to an increase in the price of precious metals. We could see a correction to the $1850 level, where we could expect the first potential support for the continuation of the bullish option. This is where we need a new positive consolidation. Then we need to go up again and move above today’s high. Potential higher targets are the $1870 and $1880 levels. We need a negative consolidation and pullback below the $1850 level for a bearish option. After that, we could see a further pullback in the price of gold. Potential lower targets are the $1840 and $1830 levels.
Silver chart analysis
During the Asian trading session, the price of silver managed to hold above the $24.00 level. This was followed by a bullish impulse and a move toward the $24.40 level. We now have resistance at that level and see a minor pullback to the $24.25 level. We can say that the pressure is now on the upper resistance zone and that we could soon see a break above, and the silver price continues to rise. Potential higher targets are the $24.60 and $24.80 levels. For a bearish option, we need a negative consolidation pullback to support the $24.00 level. A break below would signify a potential further decline in the price of silver. And lower targets are $23.80 and $23.60 levels. We could look for stronger support in the $23.40-23.60 zone.
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