Gold and Silver: Gold at a new all-time high on Friday
- On Friday evening, the price of gold rose to $2,509, a new all-time high
- A new two-week high silver price was formed this morning at the $29.13 level
Gold chart analysis
On Friday evening, the price of gold rose to $2,509, a new all-time high. A strong bullish trend on Friday raised the price by $50. During this morning’s Asian trading session, the price retreated to $2495 and formed a daily low there. As we got closer to the EU session, the price rose. It is now at $2504 and on its way to the previous high. Very quickly, with a new impulse, we would skip the previous high and form a new one.
Potential higher targets are the $2510 and $2520 levels. For a bearish option, we need a negative consolidation and a drop below $2495. With the formation of a new daily low, gold increases the bearish pressure. This will influence us to see a further retreat and the formation of a new daily low. Potential lower targets are the $2490 and $2480 levels. Additional support for the price of gold is the EMA 50 moving average in the zone of the $2480 level.
Silver chart analysis
A new two-week high silver price was formed this morning at the $29.13 level. During this morning’s Asian session, the price of silver managed to stay high in the zone of last week’s high. Today, we see a jump to a new high. After that, the price loses momentum and initiates a pullback to $28.90. There is increasing pressure on the price to initiate a deeper pullback. This morning’s silver low was at the $28.70 level. Going down there, we can expect an increase in bearish pressure and a further pullback of the price to a new daily low.
Potential lower targets are $28.60 and $28.40 levels. Additional support can be expected in the EMA 50 moving average zone, while the 200 EMA is at $28.00. For a bullish option, silver must return above the $29.00 daily open price. After that, we will be close to testing this morning’s high, and we may see the formation of a new one. Potential higher targets are $29.20 and $29.40.
