Gold and Silver: The Price Continues to Recover

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Gold and Silver: The Price Continues to Recover

Gold and Silver: The Price Continues to Recover

• The price of gold fell to the $1,640 level on Friday.


• On Friday, the price of silver tested the previous low at the $18.00 level.

Gold chart analysis

The price of gold fell to the $1,640 level on Friday. During the Asian trading session, the price managed to find support at that point and started a recovery. We are now testing the $1660 level and could see a continuation of the recovery today. For a bullish option, we need a continuation of this positive consolidation and a move to the $1680 resistance level. Then we need to try to stay there and, with the next bullish impulse, continue with the further growth of the price of gold. Potential higher targets are $1690 and $1700 levels. We need a negative consolidation and a new drop to the previous support at the $1640 level for a bearish option. Increased pressure in that place could lead to a further drop in the price of gold. Potential lower targets are $1630 and $1620 levels.

Silver chart analysis

On Friday, the price of silver tested the previous low at the $18.00 level. After this, we saw a bullish impulse during the Asian session that increased the price to $18.60. The price continues to recover during the EU session, and we are now at the $18.80 level. We need to move to $19.00, the previous high, and try to stay there in order to continue the recovery with the next bullish impulse. Potential higher targets are the $19.20 and $19.40 levels. Otherwise, we go back down to retest the previous support zone. We need a negative consolidation and a new price pullback to this morning’s support zone at the $18.20 level for a bearish option. Increased bearish pressure would likely push the price down again to the $18.00 support level. The potential lower target is the $17.80 level.

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