For the second day in a row, silver prices are in a bullish trend.
Gold chart analysis
The price of gold stopped its fall at the $1730 level. In the previous week, we saw a bearish trend that has stopped for now, and today we see a recovery to the $1750 level. This level could be a certain resistance that could start a new bearish trend. For something like that, we need a negative consolidation and a retest of yesterday’s low.
A breakout of the gold price below would add to the bearish pressure, and we could see further price declines. Potential lower targets are $1720 and $1710 levels. For a bullish option, we need a positive consolidation and a move above the $1750 level. Then we need to hold up there, and with the next bullish impulse, we could see further growth in the price of gold. Potential higher targets are $1760, $1770, and $1780.
Silver chart analysis
For the second day in a row, silver prices are in a bullish trend. The price is climbing above the $21.20 level, forming a new four-day high. For a bullish option, we need a positive consolidation and a further rise in the price of silver. Potential higher targets are the $21.40 and $21.60 levels. For a longer-term bullish trend, we need to move and establish around the $22.00 level.
For a bearish option, we need a negative consolidation and a drop below the $21.00 level. In the following, we could see a further pullback of the price to the previous low at the $20.60 level. A break below would extend the bearish trend. Potential lower targets are the $20.40 and $20.20 levels.