Gold and silver: the price of gold stabilized above $2410

Gold chart analysis

During this morning’s Asian trading session, the price of gold remained above the $2410 level. The EMA 200 moving average supports the price, and it is only a question of when it will climb to a new weekly high. Potential higher targets are the $2430 and $2440 levels. If we manage to move to these levels, we could hope to visit last week’s peaks.

For a bearish option, the price of gold must pull back below the EMA 200 and $2410 levels. With that, we are heading towards the weekly open price and the $2400 level, which could be decisive for the future trend of gold. An impulse below would indicate that gold is under pressure at this week’s support zone. Further instability in this zone would negatively affect the price of gold, reinforcing the bearish momentum. Potential lower targets are the $2390 and $2380 levels.

Silver chart analysis

The price of silver is recovering from above $29.00 and receiving support from the EMA 50 moving average this morning. This further solidified the bullish option, and the upside is evident. We expect the formation of a new daily high above the $29.40 level. Potential higher targets are $29.60 and $29.80 levels. The price could face higher resistance in the $29.80 zone in the EMA 200 moving average. With a break above, the chances of a return above the $30.00 level increase.

For a bearish option, silver would first have to move back below $29.20 and the EMA 50 moving average. With these steps, we show that we are losing the previous bullish momentum. After that, the price would form a new daily low and thus confirm the bearish pressure. Potential lower targets are $29.00 and $28.80 levels.

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