- Gold prices continue to fall in a week of actions by central banks to make money more expensive.
- During the Asian trading session, the silver price was bearish until the $23.00 level.
Gold chart analysis
Gold prices continue to fall in a week of actions by central banks to make money more expensive. Yesterday the FED increased the interest rate, and today the SNB, BoE, and ECB did it. It is expected that the price of gold will bow before such reports. Today’s low is far from $1800. The price is stopped at the $1773 level. The end of the pullback is not yet in sight, and we could expect gold to continue falling to lower levels. Potential lower targets are $1760 and $1750 levels.
For a bullish option, we need a positive consolidation and a return of the gold price above the $1780 level first. Then we need to hold there in order to consolidate again and start a new bullish impulse. Potential higher targets are the $1790 and $1800 levels.
Silver chart analysis
During the Asian trading session, the silver price was bearish until the $23.00 level. Silver manages to find support at that level and initiate a minor recovery to the $23.20 level. The price has been in a bearish trend since yesterday after climbing to the $24.00 level. For a bearish option, we need a continuation of the negative consolidation and another break below the $23.00 level.
If we were to see it, the potential lower targets would be the $22.80 and $22.60 levels. For a bullish option, we need a positive consolidation and movement of the price to the $23.40 level. Then it is also necessary to hold on there so that with a new bullish impulse, we can start the continuation of the recovery of the price of silver. Potential higher targets are the $23.60 and $23.80 levels.
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