Gold and Silver: The Price Of Gold Fell Below $1620
- The price of gold fell below the $1620 level this morning, stopping at the $1616 level.
- Yesterday’s attempt by the price of silver to climb above $19.00 was unsuccessful.
Gold chart analysis
The price of gold fell below the $1620 level this morning, stopping at the $1616 level. For now, gold manages to hold above and return above the $1620 level. If today’s trend continues, the price of gold could recover above the $1,630 level.
We could find potential resistance already at the $1635 level. And if we break above, the next potential resistance is the previous high at the $1645 level. A move above could mean a continued recovery in the price of gold.
We need a negative consolidation and a new support test at the $1620 level for a bearish option. A price break below would signal the continuation of the bearish trend. Potential lower targets are $1610 and $1600 levels.
Silver chart analysis
Yesterday’s attempt by the price of silver to climb above $19.00 was unsuccessful. The price touched the $19.00 level, and immediately after that, there was a pullback below the $18.80 level, then the $18.60 level.
During the Asian session, the price of silver continued to fall, and in the European session, the price dropped to $18.30. If this scenario continues, the price of silver could drop to the $18.00 support level. Increased price pressure at that location could lead to a breakout below and the formation of a new lower low.
Potential lower targets are the $17.80 and $17.60 levels. For a bullish option, we now need a new positive consolidation. After that, we could expect the price to make a new attempt to climb above the $19.00 level. If it were to succeed now, the potential higher targets are $19.20 and $19.40.
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