Gold and Silver: Gold slipped yesterday to the $1944 level
- The price of gold has been in bearish consolidation since the beginning of this week, from $1992 to the $1944 level.
- The price of silver fell to the $22.28 level on Wednesday.
Gold chart analysis
The price of gold has been in bearish consolidation since the beginning of this week, from $1992 to the $1944 level. Yesterday, we saw the formation of a new low at that level.
The fall was stopped there because a bullish impulse followed and a jump in the price of gold to the $1965 level. We encounter new resistance in that zone and start a retreat that has lasted until now. During the Asian session, the price continued to retreat, and now the price is at the $1954 level. Today’s picture tells us that we should see a continuation of this bearish consolidation.
Potential lower targets are the $1950 and $1945 levels. For a bullish option, we need a positive consolidation and a move above the $1960 level. Then we would have to hold up there and form our bottom at that level. With a new impulse, we would be in a position to continue the recovery. Potential higher targets are $1965 and $1970 levels.
Silver chart analysis
The price of silver fell to the $22.28 level on Wednesday. Since then, we have seen the beginning of bullish consolidation and an attempt to recover the price of silver. In the first surge, the recovery was stopped at the $22.80 level with the resistance of the EMA50 moving average.
We then see a pullback to more support at the $22.40 level. From there, we move into another bullish consolidation and jump to the $23.00 level. At that level, we encounter new resistance and see a pullback again, but now only up to the $22.50 level.
During the previous Asian trading session, the price of silver had a new recovery attempt, which has now stopped at the $22.70 level. A lower high was formed, which for now, does not allow us to continue on the bullish side. This could influence us to see a break below the $22.50 level and start a deeper pullback. Potential lower targets are $22.40 and $22.30 levels.
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