- The price of gold has been moving in the range of $1770-1780 for the second day.
- The price of silver tried to climb above the $20.25 level during the Asian session but without success.
Gold chart analysis
The price of gold has been moving in the range of $1770-1780 for the second day. During the Asian session, the price of oil was stable, and in the European session, we see an increase in bearish pressure on the $1770 support zone. At one point, we fell to the $1765 price but quickly pulled back up to the $1770 support zone. Our moving averages are now on the bearish side. For a bullish option, we need a new positive consolidation and a return above the $1780 level. Then we need to hold there in order to move towards the $1790 level. Potential higher targets are $1800 and $1810 levels. We need a continuation of this negative and a pullback towards the $1760 level for a bearish option. Potential lower targets are the $1750 and $1740 levels.
Silver chart analysis
The price of silver tried to climb above the $20.25 level during the Asian session but without success. A bearish consolidation followed, and the price fell to $19.75. We currently have some support there, but there are increasing chances that we will see a drop to the $19.50 level. We need a continuation of the negative consolidation and a decline to the $19.50 support for a bearish option. If we fail to hold on to that level, the price of silver will continue its retreat towards the $19.25 and $19.00 levels. For a bullish option, we need a new positive consolidation and a return above the $20.00 level. Then the price must stabilize at that level in order to continue further to the $20.25 level. Additional resistance at that level is the MA200 moving average. Potential higher targets are $20.50 and $20.75 levels.
FOMC minutes await us tonight, which are likely to strengthen the hawkish stance given the previous financial events and results in recent weeks.
BONUS VIDEO: Weekly news summary from the markets
Get the latest economy news, trading news, and Forex news on Finance Brokerage. Check out our comprehensive trading education and list of best Forex brokers list here. If you are interested in following the latest news on the topic, please follow Finance Brokerage on Google News.