Gold is at a new all-time high; silver is at a 12-year high

Gold chart analysis

The price of gold is rising unstoppably to a new all-time high at the $2450 level. We see a strong bullish consolidation since the start of this morning’s Asian session at the $2415 level. In the EU session, the price did not hesitate for a while, retreating to the $2430 support level. We quickly find new support there and return above the $2440 level. We are again turned to the bullish side and hope to test the previous high and form a new one.

Potential higher targets are $2455 and $2460 levels. We need a new pullback to the $2430 support level for a bearish gold price option. By breaking below this support, we form a new low, which increases bearish pressure on the price. Potential lower targets are $2420 and $2410 levels. It will be very interesting to follow the movement of the price of gold around $2415, the weekly open price.

Silver chart analysis

The price of silver rose to $32.51 this morning after a little over 11 years. The previous time the price was at this level in December 2012. After forming this morning’s high, we saw a pullback to the $31.60 level. There, we get new support and recover to the $31.95 level. We now need to move above the $32.00 level in the hope of triggering new momentum to the bullish side.

Potential higher targets are $32.50 and $33.00 levels. For a bearish option, the price would have to drop below $31.50 and test the weekly open price there. Below that level, the bearish pressure to start a deeper pullback is intensifying. The $31.00 level could provide some support. If we don’t manage to hold on even there, a bigger fall will follow. Potential lower targets are $30.50 and $30.00 levels.

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