Gold and Silver: Gold is recovering to the $1985 level
- The price of gold is recovering after falling on Friday to the $1970 level.
- During the Asian trading session, the price of silver retreated to the $24.80 level.
Gold chart analysis
The price of gold is recovering after falling on Friday to the $1970 level. Since then, we have been in a mild bullish trend and recovered to the $1985 level. If the current price movement continues, we could see a rise to $1995. In this way, we would test the EMA50 4H moving average and need a break above for a more concrete continuation to the bullish side above the $2000 level.
We need a negative consolidation and pullback to this morning’s low at the $1975 level for a bearish option. Below, we could retest the previous low from Friday. A price breakout below would be on track to form a new lower low and initiate a stronger bearish trend. Potential lower targets are the $1970 and $1965 levels.
Silver chart analysis
During the Asian trading session, the price of silver retreated to the $24.80 level. Price managed to consolidate there and recover to the $25.05 level. Additional resistance at that level creates the EMA50 moving average, and we need a break above to continue on the bullish side. Then potential higher targets could be $25.20 and $25.40 levels.
If we fail to break above the EMA50, we will see a continuation to the bearish side. For that, we need negative consolidation and the formation of a new lower low. Potential lower targets are the $24.70 and $24.60 levels.
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