Gold and silver: Metal prices fall to new weekly lows

• During this morning’s Asian trading session, the price of gold was in a bearish consolidation with the $2736 level
• The price of silver is in a bearish trend for the third day, with the formation of a weekly low at the $33.10 level

Gold chart analysis

During this morning’s Asian trading session, the price of gold was in a bearish consolidation with the $2736 level. In the EU session, pressure on the price continues and we see the formation of a daily low at the $2719 level. With this step, we fell below the weekly open level, which could be a problem for a potential continuation to the bullish side. Now, gold is under pressure to continue its retreat and look for new support.

Potential lower targets are $2710 and $2700 levels. The EMA 200 moving average in the $2710 zone could slow or stop the gold price decline. For a bullish option, the price must first return above $2720 and the weekly open level. After we stabilize there again, we have an opportunity to initiate a bullish consolidation. Potential higher targets are the $2730 and $2740 levels.

Silver chart analysis

The price of silver is in a bearish trend for the third day, with the formation of a weekly low at the $33.10 level. During this morning’s Asian trading session, the price intensified bearish consolidation, leading to a break below $33.50. We are getting closer to breaking below the $33.00 level. The price has broken below the EMA 200 moving average, which will only strengthen the bearish momentum to continue to the next lower support.

Potential lower targets are $32.80 and $32.60 levels. For a bullish option, silver must move back above $33.20 and the EMA 200 moving average. Then, we need to stabilize there before we start the recovery. After that, the next resistance is in the $33.60-$33.70 zone. We will test the weekly open level there, and we hope to break above and return to the bullish side. Potential higher targets are $33.80 and $34.00 levels.

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