- The price of gold was stable yesterday and moved in the range of $1770-1780.
- The silver price decline stopped this morning at the $22.60 level.
Gold chart analysis
The price of gold was stable yesterday and moved in the range of $1770-1780. Today we could see a more concrete break above $1780 as the price of gold has initiated the first bullish impulse. To continue, we need a positive consolidation and a move toward the $1790 level. If we succeed in this, the price could continue to recover and start a more specific bullish trend.
Potential higher targets are the $1800 and $1810 levels. We need a negative consolidation and a price drop below the $1770 level for a bearish option. Additional support in that zone is a smaller trend line. A break below would lead to a potential continuation of the gold price decline. Potential lower targets are $1760 and $1750 levels.
Silver chart analysis
The silver price decline stopped this morning at the $22.60 level. The price finds new support there and recovers with a bullish impulse to the $22.86 level. To continue the bullish option, we need a positive consolidation and a move above the $23.00 level. Then we need to stay up there in order to initiate further price recovery with a new bullish impulse.
Potential higher targets are the $23.20 and $23.40 levels. For a bearish option, we need a negative consolidation and a drop below today’s support level of $22.60. Additional support at that level is in the lower trend line. Potential lower targets if we fail to hold at this level are $22.20 and $22.00.