Gold and silver: the price of gold retreats below $1840

• The gold price took advantage of the weak dollar yesterday and rose to $1,845. 
• The price of silver ended yesterday’s bullish consolidation at the $21.20 level.

Gold chart analysis

The gold price took advantage of the weak dollar yesterday and rose to $1,845. After this, we saw a pullback that continued in the Asian session. For now, gold holds and gains support at the $1830 level. If we manage to hold above, we could see another positive consolidation.

That should push the price first to the $1840 level, and if the gold price consolidation continues, it would have a chance to reach the $1850 level. We need a negative consolidation and a drop below the $1830 level for a bearish option. After that, potential lower support targets are the $1820 and $1810 levels.

Silver chart analysis

The price of silver ended yesterday’s bullish consolidation at the $21.20 level. After that, silver starts bearish consolidation and retreats below the $21.00 level. During the Asian session, the price continued to fall and is now at the $20.80 level. Today’s low is $20.70; we could visit it again if the current silver price movement continues. Potential lower targets are $20.60 and $20.50 levels.

We need a new positive consolidation and a price jump to the $21.20 level for a bullish option. Then we need to see a breakout above and try to hold up there. With this impulse, we would start the continuation of the recovery. Potential higher targets are the $21.30 and $21.40 levels.

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