Gold and silver: the price of gold finds support at $2410
The price of gold is in retreat after Monday’s jump to the $2450 level.
The price of silver slowed down after jumping to $32.51 on Monday.
Gold chart analysis
The price of gold is in retreat after Monday’s jump to the $2450 level. Yesterday, we saw a pullback to the weekly low at the $2406 level. We managed to hold above the $2400 level and return above the EMA50 moving average. That pushed gold to $2434 where we formed a lower high. From this resistance level, a new bearish consolidation was initiated, which this time brings us down to the $2410 level.
Additional pressure creates the EMA50 moving average, which could negatively affect the movement in the coming hours. Potential lower targets are $2400 and $2390 levels. We are now at $2417, which is important to maintain here because we are above the weekly open price. We need one move to $2420 to get back above the EMA50 moving average. With his support, it will be easier for us to start a recovery on the bullish side.
Silver chart analysis
The price of silver slowed down after jumping to $32.51 on Monday. The broader range of this week’s price movement is $31.00-$32.50. Today’s resistance is $32.20, while support is $31.60. Silver has the support of the EMA50 moving average, but the price action suggests that the pullback is not over and that a fall could occur. At the $31.50 level, we will test the weekly open price.
If the support cannot be maintained, we move to the bearish side and expect a further pullback. Potential lower targets are $31.00 and $30.75 levels. Staying above these support levels could push the price of silver to climb above the $32.00 level. With this step, we start a positive consolidation and start to return to the bullish side. Potential higher targets are $32.25 and $32.50 levels.
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