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09 May Gold and Silver chart overview

Overview of the gold charts

Gold prices halted Thursday in its May campaign against high targets. Gold stood at $1909 and failed to make a new higher high and surpass the previous April 29 high at the $1920 level. The dollar continued to strengthen and such a scenario had a negative impact on gold prices. The price was forced to retest the $1850-$1855 zone and seek support. Our next lower targets are first a May 3rd low of $1,850, then a March low of $1,844. We need fresh positive consolidation and a flight above the critical zone for a potentially bullish option. At the top we have a minor trendline and we need a break above it to form technical support to continue the uptrend. The first bullish target is the previous lower high at $1885, then last Friday’s high of $1892 and the May high of $1909.

gold-20220509

Silver chart overview

The price of silver has lost 2.5% of its value today. From $22.36 when it opened, it’s now $21.73. The May minimum is still forming and the previous one was $22.12. The price attempted to switch into the uptrend on Thursday, but to no avail. The trend was quickly reversed the same day and the price was pulled back to the starting position before the jump. Friday was a consolidation day without major swings and today the April pullback continued. From the upper side we can draw a line that could indicate a future trend and the break above it could change the view of the next price move. The critical zone stands at 22.30-22.50 and a break above this could slow the decline and create a stable bottom on the chart. We would characterize such a picture as positive for silver prices, which would create a new bullish trend.

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Callan Tansill

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