Gold and Silver: Gold continues to climb to higher levels

Gold chart analysis

The price of gold on Friday, October 18, gets a new bullish boost to a new all-time high at the $2714 level. After that, we initiated a pullback to the $2702 level. Here, the price stops the further pullback and reverts to the bullish side. With two new bullish impulses, gold rises again above $2710 and approaches the previous high. We need one more impulse, and here we are at a new all-time high.

Potential higher targets are the $2720 and $2730 levels. For a bearish option, we need a negative consolidation of the gold price below the $2700 level. After that move, space opens up towards the daily open level of $2693. In that zone, we can test the EMA 50 moving average because it was our support in the previous days. This time, we need a break below and the formation of a new daily low. Potential lower targets are $2690 and $2680 levels.

Silver chart analysis

During this morning’s Asian trading session, the price of silver initiated a bullish consolidation again above the $32.00 level. We formed a daily high at $32.17 and confirmed the weekly high. The price has been in a stable bullish consolidation and has received support from EMA 50 and EMA 200 since Tuesday, October 15. We expect to see further growth and a breakout to a new weekly high. Potential higher targets are $32.20 and $32.30 levels.

For a bearish option, the price of silver must remain below the $32.00 level. Failure to move above will add to the momentum and trigger a bearish consolidation. Going down to the $31.80 level, we are back to testing the EMA 50 moving average. This time, we hope for a break below and the formation of a new daily low. Potential lower targets are $31.70 and $31.60 levels.

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