Gold Price: How $2044 Resistance is Impacting the Market
This week’s gold price high was on Wednesday at the $2044 level.
During the Asian trading session, the price of silver was maintained above the $22.50 level.
Gold chart analysis
This week’s gold price high was on Wednesday at the $2044 level. After that, there was a pullback to the 2020$ level on Thursday, and there we formed a higher low compared to Monday’s fall to the 2014$ level. During the previous Asian trading session, the price moved in the $2030-$2035 range.
With the beginning of today’s EU session, the pressure on the price increases, and we are getting closer to testing the lower level of this price range.
New pressure at that level would easily push the price of gold below, thus forming a daily low. Potential lower targets are $2025 and $2020 levels. We need a positive consolidation of the gold price to return above the $2035 level for a bullish option.
This would move us above the EMA200 moving average, positively impacting the further trend. Potential higher targets are $2040 and $2045 levels.
Silver chart analysis
During the Asian trading session, the price of silver was maintained above the $22.50 level. In the previous four days, the price of silver was in a bearish trend from $22.70 to $22.12 level. At that level, we managed to stop the fall and started recovery from there.
Currently, in the EU session, the price of silver continues to grow and forms a daily high at the $22.72 level. With that, we are back to testing the weekly open price.
We have additional support for the continuation of the bullish side in the EMA200 moving average. Potential higher targets are $22.80 and $22.85 levels. If we were to return below the EMA200, the price of silver would be forced to retreat.
An increase in bearish momentum would take us below $22.50, and we would again be looking towards the previous support zone. Potential targets are $22.40 and 22,304 levels.
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