Gold and Silver: Gold moves to a new all-time high of $2670

• During this morning’s Asian trading session, the price of gold rose to a new all-time high at the $2670 level
• During this morning’s Asian trading session, the price of silver rose to $32.27, setting a new weekly high

Gold chart analysis

During this morning’s Asian trading session, the price of gold rose to a new all-time high at the $2670 level. We could not stand to stay there, and the price began to retreat to the $2655 level. Now, the pressure is on gold to maintain above the $2650 level. If it succeeds in this, it could trigger a new bullish consolidation and return us to the previous trend. Potential higher targets are the $2670 and $2680 levels.

For a bearish option, we hope for a break below the $2650 support zone. Below it, the bearish momentum will only intensify, and the price could easily slip to a new daily low. Potential lower targets are the $2640 and $2630 levels. The EMA 50 moving average could support us in the $2640 zone.

Silver chart analysis

During this morning’s Asian trading session, the price of silver rose to $32.27, setting a new weekly high. There, we encounter resistance to further growth and start a pullback to support at $31.67. For now, the price has that support and manages to stay above the $31.80 level. If we continue above $32.00, the chances of returning above the daily open level to the positive side increase.

With that step, silver strengthens the bullish momentum and will have the opportunity to put pressure on this week’s high. Potential higher targets are $32.20 and $32.40 levels. For a bearish option, we need a negative consolidation and a pullback below $31.60. With the formation of a new daily low, the bearish pressure on the price to start a further retreat increases. Potential lower targets are $31.40 and $31.20 levels. The first support is the EMA 50 moving average in the $31.50 zone.