Gold and Silver: New Higher Targets and Prices on Friday
- During this morning’s Asian trading session, the price of gold received support at the $2656 level
- The price of silver gained new support this morning at the $32.00 level
Gold chart analysis
During this morning’s Asian trading session, the price of gold received support at the $2656 level. From there, a bullish consolidation was initiated to the daily high at $2667. At the moment, we have a small pause there, but we remain still in a bullish consolidation. For growth above $2670, we need a new bullish impulse. Potential higher targets are $2675 and $2680 levels. This week’s previous high was at $2673, and we hope for a new one after the NFP report.
For a bearish option, we need a negative consolidation of the gold price back to $2655. This moves us to this morning’s support, and the pressure increases because we are now below the weekly open price. That will build bearish momentum for a continued pullback to new lower support. Potential lower targets are $2650 and $2645 levels. Additional support for gold at $2645 is the EMA 200 moving average, which has kept us bullish this week.
Silver chart analysis
The price of silver gained new support this morning at the $32.00 level. After that, we saw a bullish consolidation up to the $32.27 level. Our target is to reach the previous weekly high at $32.30 and form a new one. For something like that, we need a new impulse that would take us above. Potential higher targets are $32.40 and $32.50 levels. Last week’s high was at $32.71.
For a bearish option, the price of silver must go back down to the daily open level of $32.00. Then, we need to see a break below to a new daily low. This gives us confirmation of the bearish presence, and we expect to see a pullback to new lower support. Potential lower targets are $31.80 and $31.60 levels. We will test the weekly open price at $31.60. If it does not hold, we will try to look for support in the EMA 200 moving average at $31.50.
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