Gold and Silver: Gold is up this morning above $2160 level

Yesterday, the price of gold dropped to $2150.
Yesterday, the price of silver rose to $24.67, reaching a new annual high. 

Gold chart analysis

Yesterday, the price of gold dropped to $2150. After the new support, the price started a bullish consolidation that continues today, pushing the price of gold above the $2160 level. This morning, we saw a strong bullish impulse from $2158 to $2164 levels. For now, we have resistance at $2165 and need a new impulse to move above it. Additional resistance in that zone is the EMA50 moving average.

With the breakthrough above, optimism for further growth to the bullish side is strengthened. Potential higher targets are the $2167 and $2170 levels. We need pullback prices below the $2160 level for a bearish option. This is where we return to this morning’s support zone. An increase in bearish momentum pushes the price below, forming a new daily low. Potential lower targets are the $2155 and $2150 levels.

Silver chart analysis

Yesterday, the price of silver rose to $24.67, reaching a new annual high. The joy was short-lived because, in the next hour, the price strongly pulled back to $23.98. We found new support at that level and stabilized above the $24.00 level. During the Asian trading session, the price initiated a bullish consolidation at $24.10 and climbed above the $24.30 level.

Additional support in this zone is the EMA50, we expect to maintain above it, and start further growth upwards. Potential higher targets are the $24.40 and $24.50 levels. If we do not have the strength for that option, the price will be forced to drop below the EMA50 and the $24.20. We now turn to the bearish side and look towards this morning’s support at $24.10. Potential lower targets are $24.00 and $23.90 levels.

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