Gold chart analysis

The price of gold started this week at the $2000 level, and it looks like it will close the week above the $2050 level. On Wednesday, the price climbed to the $2052 level, and there, we saw the formation of a new six-month high. After that, gold begins to consolidate in the $2030-$2050 range.

During the previous Asian trading session, the price received support at the $2035 level and began a recovery that took us up to the $2047 level where we are now.

We need a new impulse to get above the $2050 level again. In this way, we would have the opportunity to form a new high, and the potential higher targets are the $2055 and $2060 levels.

We need a negative consolidator and a drop to the $2030 support level for a bearish option. A break below leads to the formation of a new low, and thus, we get a confirmation of the bearish trend. Potential lower targets are $2025 and $2020 levels.

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Silver chart analysis

This week was very successful for the price of silver. We started Monday at the $24.30 level, and this morning, we saw the formation of a new high at the $25.45 level. After that, the price consolidates in the $25.20-$25.40 range.

Based on the previous movement, we expect to see a continuation to the bullish side and the formation of a new price high. Potential higher targets are $25.50 and $25.60 levels.

We need a negative consolidation and pullback to the $25.00 support level for a bearish option. A fall below that level would further increase the pressure on the price to start a further retreat and form a new low.

Potential lower targets are $24.80 and $24.60 levels. Additional support at the $24.60 level is the EMA50 moving average.

(Click on image to enlarge)

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