- The price of gold continues with positive consolidation above the $1660 level.
- The price of silver managed to break the $19.70 previous high on September 23, stopping at the $19.75 level.
Gold chart analysis
The price of gold continues with positive consolidation above the $1660 level. We are now looking to see if the price of gold will manage to climb above Friday’s previous high of $1675. We are generally very close to that level, and a bullish impulse would end it. After that, we could expect the price to continue growing, and the potential following targets are $1680 and $1690. We need a price drop below the $1660 level for a bearish option. After that, gold could go down to 38.2% Fibonacci to $1640 and test the previous low there, and potential support. If we fail in this, the price will continue to slide, and our target is last week’s low at $1614.
Silver chart analysis
The price of silver managed to break the $19.70 previous high on September 23, stopping at the $19.75 level. If the dollar’s weakening continues, the price of silver will very quickly reach the $20.0 level. A potential higher target is now $20.20 at 78.6% Fibonacci. A move above and holding in that zone could spawn a new bullish impulse that would take us to the $21.00 level. For a bearish option, we need a new negative consolidation and price pullback below the 61.8% Fibonacci at $19.60. Further price decline could be stopped at 50.0% Fibonacci at the $19.20 support level. Potential lower targets are $19.00 and $18.80 at 38.2% Fibonacci.
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