After almost six months, the price of gold has returned above the $1860 level. Yesterday’s high was at the $1865 level. After that, we see a price pullback to $1850 and a new attempt to recover, but it is stopped at the $1859 level. Since then, we have been in a bearish trend, and the price was again below $1850.
Such consolidation could continue until the $1840 level, where we could expect the first potential support. If the price of gold breaks below, potential lower targets are the $1830 and $1820 levels. We need positive consolidation and a return to the resistance zone at the $1860 level for a bullish option. A move above would mean that the price has the strength to trigger further growth. Potential higher targets are the $1870 and $1880 levels.
The price of silver fails to sustain above the $24.40 level. Yesterday’s attempt to climb above this level was unsuccessful, and the price pulled back. The decline continued during the Asian trading session, and the price of silver fell to $23.20. After that, we see a recovery to $23.50, but bearish pressure is still noticeable on the chart.
So we could see another pullback to this morning’s low and perhaps a drop to the $23.00 support level. For a bullish option, we need positive consolidation and a return to the $23.80 level. A price break above and staying above it would be very helpful for us. With the next bullish impulse, we could start the continuation of the recovery. Potential higher targets are the $24.00 and $24.20 levels.
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