Gold and Silver: Gold’s Price is Retesting At $1615

• The price of gold is retesting the two-year low at the $1615 level.
• The price of silver falls from the $20.00 level.

Gold chart analysis

The price of gold is retesting the two-year low at the $1615 level. After yesterday’s interest rate increase by the FED, the price of gold started a bearish trend. During the Asian session, the price of gold continues to fall, losing support at the $1640 level. In the European session, the fall of gold continued to the $1615 level.

There is a high chance that we could see a drop below to form a new lower low. For such a thing, we need a negative consolidation and a break below this support zone. Potential lower targets are $1610 and $1600 levels. For a bullish option, we need positive consolidation and a return to $1640, the previous support level. Then we must stay there and continue the recovery with a new bullish impulse. Potential higher targets are $1650 and $1660 levels.

Silver chart analysis

The price of silver falls from the $20.00 level. Yesterday, the price of silver reached $20.00, after which we saw a pullback from that level. Today, the price of silver continued to fall below the $19.00 level. Today’s low was at $18.90. At the current level, the price of silver could find support and start a new bullish trend.

Then we need a new positive consolidation and a return to the $19.40 level. A break above would be of great benefit to us because then we would have a good initial position to continue the bullish option. Potential higher targets are the $19.60 and $19.80 levels. We need a continuation of the negative consolidation and a break below the $18.80 level for a bearish option. Then we need to stay below that; after that, we would see a continuation of the decline in the price of silver. Potential lower targets are the $18.60 and $18.40 levels.

 

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