- Gold prices rose this morning after falling to their lowest level since March 2021 on Thursday.
- The price of silver today fell below the $19.00 level, finding support at the $18.75 level.
Gold chart analysis
Gold prices rose this morning after falling to their lowest level since March 2021 on Thursday, hit by higher US Treasury yields and a stronger dollar. During the Asian trading session, the price of gold managed to stay above the $1660 level for a while. Then there was a break below, and today’s price minimum is the $1653 level. The price of gold manages to find support here and climb to the $1,668 level, where it encounters new resistance. So now we see a new pullback and a possible continuation of the bearish trend. We need a continuation of the negative consolidation, a break below, and a retest of today’s support zone. Potential lower targets are $1650 and $1640 levels. We need a new positive consolidation and a move above the $1670 level for a bullish option. Potential higher targets are $1680, $1690 and $1700 levels.
Silver chart analysis
The price of silver today fell below the $19.00 level, finding support at the $18.75 level. Additional support at that point is in the MA200 and MA20 moving averages. Yesterday the price of silver failed to hold at the $19.50 level, today at the $19.00 level, and we could see a further retreat first towards the $18.75 and $18.50 levels. For a bullish option, we need better positive consolidation. Then we need to hold above the $19.00 level and start the price recovery with the next bullish impulse. Potential higher targets are 19,254 and $19.50, yesterday’s resistance level.
BONUS VIDEO: Weekly news summary from the markets
Get the latest economy news, trading news, and Forex news on Finance Brokerage. Check out our comprehensive trading education and list of best Forex brokers list here. If you are interested in following the latest news on the topic, please follow Finance Brokerage on Google News.