Gold and Silver: Gold in a new rush to last week’s high
- The gold price continued its bullish trend at the start of this week
- The price of silver managed to climb back above the $30.00 level today
Gold chart analysis
The gold price continued its bullish trend at the start of this week. After a short consolidation in the Asian session and support at the $2510 level, the price started a new growth. In the EU session, we see a jump to the $2525 level to a new daily high. All parameters indicate that we can hope for a further bullish trend and higher-level conquest. Potential higher targets are $2530 and $2535 levels.
For a bearish option, we need a negative consolidation and a return to the $2510 support level. With this, we threaten the daily low, and an impulse below to a new one could happen. At the $2505 level, gold will find support in the EMA 50 moving average. Failure to hold there will strengthen bearish momentum for continued pullback. Potential lower targets are the $2500 and $2495 levels.
Silver chart analysis
The price of silver managed to climb back above the $30.00 level today. During this morning’s Asian session, we saw a pullback to support at $29.65. From there, a strong bullish consolidation began, reaching a new daily high of $30.15. The price has good momentum and could continue to the bullish side. Potential higher targets are $30.20 and $30.30 levels.
For a bearish option, we need a new negative consolidation and a drop below the $30.00 level. This is the first sign that the bullish momentum is weakening and that we can expect a deeper pullback. After that, silver will test the daily open price. This time, we need an impulse down and a new low. Potential lower targets are the $29.70 and $29.60 levels. Additional price support could be the EMA 50 moving average in the $29.60 zone.
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