- During the Asian session, the price of gold rose to 1850 dollars.
- Today’s price of silver is in the consolidation in the range of 21.74-22.08 dollars.
- Gold was surprisingly resilient this week.
Gold chart analysis
During the Asian session, the price of gold rose to 1850 dollars. Price inflation in the United States, the Eurozone, the United Kingdom, and Canada, as well as Turkey and Brazil, indicates that it will remain a reality for a long time, which supports the price of the precious metal in the long run. Technically, gold was resold, and a rebound from the 1800s ensued. The price of gold is now trading at around 1843 dollars per fine ounce, representing a price increase of 0.17% since the beginning of trading tonight. After yesterday’s bullish impulse, today, the price of gold in consolidation is in the range of 1840-1850 dollars. To continue the bullish trend, we need a break above $ 1850. Our potential bullish targets are $ 1860, $ 1865 and $ 1870. For bearish opium, we need a drop in price below $ 1835. After that, we can expect the pullback to continue towards lower levels of support. If the price fell below $ 1,825, the price would go back into the previous bearish channel.
Silver chart analysis
Today’s price of silver is in the consolidation in the range of 21.74-22.08 dollars. The price has been in the bearish trend in the last three hours, testing today’s minimum. So it is likely that we will see a further drop in prices towards lower levels of support. Our first lower support is $ 21.50. If she doesn’t give us enough support, we ask for the next one at the $ 21.25 level. For the bullish option, we need a positive consolidation and a break above $ 22.10. After that, the price could climb to the upper trend line in the $ 22.50 zone. Going over this trend line would increase bullish optimism for the possibility of further growth in the price of silver. Potential bullish targets are $ 22.67, $ 23.00 and the previous high at $ 23.34.
Gold was surprisingly resilient this week, despite many Fed policymakers, including Fed President Jerome Powell, emphasizing the central bank’s focus on fighting inflation above all else, and signaling its intention to continue aggressively raising interest rates. In recent months, the Fed’s hawk vibrations have been positive for the dollar, which reached decades-long highs last week, and raised U.S. yields, which reached multi-year highs earlier this month.
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