Gold and Silver: Gold hit a new all-time high this morning

• During this morning’s Asian session, the price of gold rose to a new all-time high of $2482. 
• During this morning’s Asian trading session, the price of silver lost support at the $31.20 level.

Gold chart analysis

During this morning’s Asian session, the price of gold rose to a new all-time high of $2482. Until now, the movement has taken place in the $2460-$2480 range. The support looks stable, and we could see the continuation of the bullish consolidation and the formation of a new high. Potential higher targets are the $2480 and $2490 levels. Speaking of which, we could also visit the $2500 level.

For a bearish option, we need a negative consolidation and a price drop below the $2460 support level. With that, we go to a new daily low and confirm the bearish pressure. In that case, the price of gold would have to initiate a further pullback to new support. Potential lower targets are the $2450 and $2430 levels. Additional supports are the EMA 50 moving average at $2450 and the EMA 200 at the $2400 level.

Silver chart analysis

During this morning’s Asian trading session, the price of silver lost support at the $31.20 level. We saw a breakout below and a bearish consolidation to $30.70. In this zone, the price stabilized and gained support from the EMA 50 moving average. The positive thing is that we stayed above the weekly open price. After that, silver initiated a bullish recovery to the $31.00 level.

We expect to see a continuation of the bullish consolidation and the price of silver to a new high. Potential higher targets are $31.20 and $31.40 levels. For a bearish option, we need a negative consolidation and a drop in the price of silver below the EMA 200 moving average. This is a sign to us that bearish pressure prevails and that we will see a pullback in price. Potential lower targets are $30.60 and $30.50 levels.