Gold and silver: the price of gold falls below $1940

During the Asian trading session, the price of gold continued its bearish trend from last week.
During the Asian trading session, the price of silver continues its retreat from Friday’s $24.00 level.

Gold chart analysis

During the Asian trading session, the price of gold continued its bearish trend from last week. Today’s gold price low is $1937; unless we quickly consolidate here, we could see a continuation of the downward trend. Potential lower targets are the $1935 and $1930 levels.

In this way, we would test last week’s support zone. We need a new positive consolidation and a price return above the $1950 level for a bullish option. If we succeeded in that intention, gold would have a good position for further recovery. Potential higher targets are the $1955 and $1960 levels.

Silver chart analysis

During the Asian trading session, the price of silver continues its retreat from Friday’s $24.00 level. The price fell to the $23.35 level this morning, and we could see a continuation of the decline even lower. In the zone around $23.50, additional pressure on the price is created by the EMA50 moving average. Potential lower targets are the $23.30 and $23.20 levels.

We need a positive consolidation and a return above the $23.50 level for a bullish option. Then we would form a higher low compared to the previous one from the first of June. We would also get support in the EMA50 moving average. Such a scenario would have a good chance of pushing the price into a new bullish consolidation. Potential higher targets are the $23.60 and $23.70 levels.

 

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