Gold and Silver: Gold stops this morning at the $2387 level

During this morning’s Asian trading session, the price of gold rose to $2387, a new weekly high.
This week’s bullish trend in the Ethereum price encountered a significant barrier this morning at the $31.54 level, a point of strong resistance.

Gold chart analysis

During this morning’s Asian trading session, the price of gold rose to $2387, a new weekly high. After that, saturation occurred in that zone, and the price retreated to the $2374 level. We are still under pressure to continue on the bearish side and look for new support. Potential lower targets are $2365 and $2360 levels.

In the $2365 zone we will have an attempt to hold above the EMA50 moving average. If gold does not have the strength to maintain itself in that zone, a retreat to EMA200 will follow. We need a positive consolidation and a return up to the $2380 level for a bullish option. After that, we will have a new bullish momentum, and we can hope for further recovery. Potential higher targets are $2385 and $2390 levels.

 

Silver chart analysis

This week’s bullish trend in the Ethereum price encountered a significant barrier this morning at the $31.54 level, a point of strong resistance. The price then pulled back below the $31.20 level, indicating the strength of this resistance. We are now at $31.00 and under pressure to continue further pullback. Potential lower targets are $30.80 and $30.60 levels. We expect additional support in the $30.60 zone in the EMA200 moving average.

For a bullish option, the price of silver would need to initiate a new positive consolidation and stabilize above the $31.00 level. This could potentially lead to a return to $31.20, the previous support level, indicating a potential upward trend. Potential higher targets are $31.40 and $31.60 levels, offering a positive outlook for the silver market.

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