Gold and silver: Gold price at the $1780 level once again

• During the Asian trading session, the price of gold hovers around the $1,780 level.


• The price of silver climbed to a new November high this morning at $22.40. 

Gold chart analysis

During the Asian trading session, the price of gold hovers around the $1,780 level. A weak dollar could further push the price of gold to higher levels. For a bullish option, we need a positive consolidation and a move above the $1790 level. Then we need to stay there, and with a new bullish impulse, we could continue the recovery of the price of gold.

Potential higher targets are the $1800 and $1810 levels. For a bearish option, we need a new negative consolidation and a pullback to the $1760 level. Afterward, we return to the movement zone from the beginning of the week. The price would then be under more pressure, and we could see a further decline in the price of gold. Potential lower targets are $1750 and $1740 levels.

Silver chart analysis

The price of silver climbed to a new November high this morning at $22.40. Then there was a pullback below $22.20, and we will look for support at the $22.00 level. If we see the price find support at $22.00, we will see a continuation of the bullish trend. Then we need a positive consolidation and a return to this morning’s high at the $22.40 level.

By moving above, we would form a new higher high. Potential higher targets are the $22.60 and $22.80 levels. We need a negative consolidation and continued price pullback below the $22.00 level for a bearish option. With the next bearish impulse, further price pullback would continue. Potential lower targets are the $21.80 and $21.60 levels.

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