Gold and Silver: Gold in a bullish rally this morning

The price of gold rose to $2,669 last night, forming a new high
During this morning’s Asian trading session, the price of silver was in a bullish consolidation

Gold chart analysis

The price of gold rose to $2,669 last night, forming a new high. After that, we fell into a sharp sideways consolidation. During this morning’s Asian trading session, the price gained a new bullish momentum and broke above the $2670 level. We continued to $2677, and a weekly high was formed. Currently, gold is at $2676 and is close to climbing to a new weekly high. Potential higher targets are $2680 and $2685 levels.

For a bearish option, the price of gold must first initiate a bearish consolidation back to the $2665 support zone. If the support does not hold and the bearish momentum increases, we expect to see a further pullback below the daily open level. Below, we will have the opportunity to test the weekly open level in order to stay positive. Potential lower targets are $2655 and $2650 levels.

 

Silver chart analysis

During this morning’s Asian trading session, the price of silver was in a bullish consolidation. In the EU session, the price continued to rise to a new weekly high of $31.80. We managed to break above the $31.60 resistance zone and above Friday’s high. Everything indicates that there are good chances to see further recovery on the bullish side. Potential higher targets are $32.00 and $32.20 levels.

For a bearish option, we expect the price of silver to pull back below $31.60 and test the weekly open level. This time, we need a break below and a price drop to the downside. Such a move will increase pressure on the price to continue its pullback down to the EMA 200 moving average at $31.20. Thus, we move to a new daily low and confirm the bearish momentum. Potential lower targets are $31.00 and $30.80 levels.

 

The post Gold and Silver: Gold in a bullish rally this morning appeared first on FinanceBrokerage.

Check Also

White House seeks to play clean up after Biden calls Trump supporters ‘garbage’

The White House attempted to walk back President Biden’s comments after the president unle…