Gold and silver: Gold jumped above $1980 yesterday

The price of gold jumped to the $1987 level yesterday, forming a new two-month high there.
Silver prices begin to retreat after the jump to the $25.26 level and the formation of a new high.

Gold chart analysis

The price of gold jumped to the $1987 level yesterday, forming a new two-month high there. After that, there was saturation at that level, and the price started a pullback. Yesterday’s pullback was to the $1965 level, and during the Asian session, we saw a recovery to the $1974 level. In today’s EU session, gold begins a new retreat to the $1961 level.

Additional support in that zone is the EMA50 moving average. If the price breaks below, potential lower targets are $1955 and $1950. We need a positive consolidation and a move from the $1970 level for the Bullish option. Then we need to try to keep up there. After that, we can expect to continue the growth, with potential targets at the $1975 and $1980 levels.

Silver chart analysis

Silver prices begin to retreat after the jump to the $25.26 level and the formation of a new high. First, it fell below the $25.00 level, and in the Asian session, we saw a continuation of the fall to the $24.75 level. We could soon fall to the $24.60 level and test the EMA50 moving average there.

A break below would only add further pressure on the price and send it even lower. Potential lower targets are $24.40 and $24.20 levels. For a bullish option, we need a positive consolidation and a return of silver above the $25.00 level. Then, we need to stay up there and start further recovery with a new impulse. Potential higher targets are $25.25 and $25.50 levels.

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