During the Asian trading session, the price of silver encountered resistance at the $24.00 level.
Gold chart analysis
During the Asian trading session, the price of gold managed to maintain around the $1930 level. There has been a slowdown in the market, and we see a minor price pullback to the $1920 level. If we can’t hold on here, we will see a continuation to the bearish side. This would mean that the price of gold could drop to the $1,900 level. At that level, we could look for more specific support, from which we would once again start bullish conquest.
The bigger picture tells us that the gold price is very close to the resistance zone and that we could now remain in some consolidation in the $1925-$1945 zone. A break above would form a new higher high, which would mean a potential continuation of gold price growth. Potential higher targets are the $1950 and $1960 levels.
Silver chart analysis
During the Asian trading session, the price of silver encountered resistance at the $24.00 level. A new pullback followed, and the price retreated to the $23.65 level. The current bearish pressure could further lower the price of silver. And the potential lower targets are the $23.40 and $23.20 levels. In January, the price of silver traded in the range of $23.20-$24.60.
For a bullish option, we need a new positive consolidation and a return above the $24.00 level. This would put us back in a position to visit the upper resistance zone and try to make a breakout above. Potential higher targets are the $24.20 and $24.40 levels.