Gold and silver: gold is trying to hold above $2330 level

• The price of gold retreated yesterday under pressure to the $2315 level.
• The price of silver on Tuesday could not sustain above the $30.50 level, and a sharp retreat followed to $29.36.

Gold chart analysis

The price of gold retreated yesterday under pressure to the $2315 level. Once again, we were in the weekly support zone. The price again initiates a new bullish consolidation from there, recovering this morning to the $2342 level. We encounter a new resistance there and form a lower high compared to yesterday. Gold then takes a step lower to support at the $2330 level. If the pressure on the price continues, we can expect a pullback below the weekly open price and a move to the bearish side.

Potential lower targets are $2325 and $2320 levels. We need a positive consolidation and a move above the $2340 level for a bullish option. This gives us the support of the EMA50 moving average and we expect to see a continuation to the bullish side. Potential higher targets are $2345 and $2350 levels.

Silver chart analysis

The price of silver on Tuesday could not sustain above the $30.50 level, and a sharp retreat followed to $29.36. During this morning’s Asian trading session, the movement of silver took place in the $29.40-$29.80 range. In the last few hours, we have seen a slight attempt to initiate a bullish consolidation up to $29.60. We need stronger bullish impulses to break above $29.80 today’s resistance.

In the $30.00 zone, the silver price level could have resistance in the EMA50 moving average. Moving above increases the chances of starting a more concrete growth on the bullish side. Potential higher targets are $30.20 and $30.40 levels. The price would have to move back down to the $29.40 support level for a bearish option. The break below leads us to a new low, extending the bearish scenario. Potential lower targets are $29.20 and $29.00 levels.

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