Gold and Silver: The Price of Gold Remained Above $1660

• During the Asian trading session, the price of gold remained above the $1660 level, but as we got closer to the European session, the price began to retreat.
• This resulted in gold price testing the $1650 support level.

Gold chart analysis

During the Asian trading session, the price of gold remained above the $1660 level, but as we got closer to the European session, the price began to retreat. This resulted in gold price testing the $1650 support level. The pressure is now on the support zone, and if we stay here longer, a break below could occur, and the price of the yellow metal will continue to fall.

Potential lower support targets are $1640, $1630, and $1620. For a bullish option, we need a new positive consolidation and a price return to the $1670-1680 zone. The price must then stay in that zone in order to try to climb above the bullish trend with a new impulse. Potential higher targets are $1690 and $1700 levels.

Silver chart analysis

During the Asian trading session, the price of silver continues to fall below the $19.00 level, and we are now on our way to revisiting the $18.40 October low. In the last two weeks, the pressure on the price of silver has been increasing, and for the rest of this month, we could expect the price to continue to retreat. 

Potential lower support targets are the $18.20 and $18.00 levels. For a bullish option, we need a new positive consolidation and a price return above the $19.00 level. Then we need to maintain the above and, with a new bullish impulse, start the continuation of the recovery. The next target is the previous high at the $19.20 level and then the $19.40 level.

 

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