Since the markets are closed for Labour Day, there's only a narrow movement in market volatility. However, there's some condition that needs to be taken as a note.

Silver and gold showed some mixed sentiment during the Asian trading session. Also, the US market is closed for Labour Day today, so the volatility might be lower than usual and no significant price fluctuations are expected at the start of the week. Anyway, let's take a closer look at the charts, gold first.

silver and gold analysis

 

Gold

Gold seems to be in an extended consolidation phase between 1,920 and 1,950 USD for a couple of days. The EMA 200 is now slightly lower though, near 1,940 USD. If the price manages to attack it and hold above it, we might return to the bullish bias again.

However, after the Asian trading session, the price has fallen below the Pivot Point. So now, the most possible scenario is going down to the S1 support level and testing Friday's lows, because the bears seem to be stronger at the moment.

gold analysis

 

Silver

Silver seems to be more interesting today, though. During the Asian trading session, first, it breached the Pivot Point but quickly managed to bounce from there. Then the buyers tried to test the R1 resistance level and the EMA 200. They failed to do so and in consequence, the price attacked the Pivot Point once more.

It has been successfully defended, so now, if the buyers manage to generate a sufficient appetite, we can look for another test of the EMA 200 and R1 level. If not, the price might pull back to the PP once again. It's likely that we won't see any major moves today though, because of the absence of the US market due to Labour Day there.

silver analysis