Gold close to $1990, and silver falls below $23.00

• During the Asian trading session, the price of gold continued to retreat, falling to the $1991 level.
• On Friday, the price of silver fell to the $23.00 level, forming a three-week low there.

Gold chart analysis

During the Asian trading session, the price of gold continued to retreat, falling to the $1991 level. We broke below last week’s low at $1995, and a new December low was formed. We remain in that zone under pressure to make a new breakout below and fall to this week’s new low. Potential lower targets are $1985 and $1980 levels.

We need a positive consolidation and a move above the $2000 level for a bullish option. Then, it would be necessary for us to maintain our position above so that with a new impulse, we could start further recovery and climb to new levels. Potential higher targets are $2010 and $2020 levels. We will have additional pressure in the zone around $2020 in the EMA50 moving average.

Silver chart analysis

On Friday, the price of silver fell to the $23.00 level, forming a three-week low there. During the previous Asian trading session, the price moved in the $22.90-$23.00 range. Too much bearish pressure does not allow us to start the recovery of the price of silver, which could lead to a drop below the support level and the formation of a new price low. Potential lower targets are $22.80 and $22.60 levels.

We need a positive consolidation and a move above $23.00 for a bullish option again. Then, we would have to hold above if we plan to see a further recovery to the bullish side. Potential higher targets are $23.20 and $23.40 levels. EMA50 is in the zone around the $24.00 level.

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