Gold and silver: the price of gold is again above $1800

• During the Asian trading session, the price of gold was in a rush and climbed to the $1808 level.
• During the Asian trading session, the price of silver hovered around the $23.00 level.

Gold chart analysis

During the Asian trading session, the price of gold was in a rush and climbed to the $1808 level. We are currently managing to hold up there and hold on to gains since the beginning of the trading day. If the bullish pressure continues, we could see a break above $1810 and continued growth in the price of gold.

Potential higher targets are the $1815 and $1820 levels. For a bearish option, we need a negative consolidation and price pullback below the $1800 level. Then we need to hold on down there and, with the next bearish impulse, trigger a further decline in the price of gold. Potential lower targets are $1790 and $1780 support levels.

Silver chart analysis

During the Asian trading session, the price of silver hovered around the $23.00 level. This was followed by a strong bullish impulse that moved the price of silver to the $23.80 level. We currently have resistance at that level and see a minor pullback to the $23.65 level. The price could retreat to $23.40, where it could form a new bottom, from which we would start the continuation of the recovery.

The potential higher target is $24.00, last week’s high. For a bearish option, we need a negative consolidation and descent to this morning’s low at $23.00. That would wipe out today’s gain. A price crossing below would signify that we have lost the bullish momentum and are moving to the bearish side. Potential lower targets are the $22.80 and $22.60 levels.

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