Gold and Silver: Gold is shining at a new all-time high
During this morning’s Asian session, the price of silver continued yesterday’s bullish consolidation
Gold chart analysis
The price of gold climbed to a new all-time high this morning at the $2571 level. Yesterday, we had a strong bullish consolidation, which started at $2510. With only a couple of impulses, we quickly jumped past the previous high at $2531 and continued to conquer higher levels. During this morning’s Asian trading session, gold managed to hold high above the $2560 level. Everything indicates that we expect a continuation to the bullish side and a move to a new high.
Potential higher targets are the $2575 and $2580 levels. If the price starts to lose its current momentum, it will have to initiate a pullback. With the drop below the daily open level of $2558, gold moves to the bearish side and thus confirms the strengthening of the bearish momentum. Potential lower targets are the $2555 and $2550 levels.
Silver chart analysis
During this morning’s Asian session, the price of silver continued yesterday’s bullish consolidation. We managed to get back above the $30.00 level again and form the September high at $30.15. The price is under a strong bullish surge, and we expect a continuation of the bullish side and the formation of a new high. We are very close to reaching the August high of $30.18.
Potential higher targets are $30.20 and $30.40 levels. We need a new negative consolidation and a drop below the daily open price of $29.86 for a bearish option. Below that, silver will form a daily low and lose its previous bullish momentum. After that, it remains to watch the price pull back and test the lower levels. Potential lower targets are $29.60 and $29.40 levels.
