Gold and Silver: The price of gold rose to $2,400 on Friday

Gold chart analysis

The price of gold is not slowing down, climbing today to the $2,398 level, a new all-time high. We are currently at the $2397 level and expect soon to reach $2400 for the first time in history. The rising trend in gold prices supports the rising tension in the Middle East. If the escalation intensifies and spreads, gold prices will strengthen the growth to the bullish side. Potential higher targets are the $2410 and $2420 levels.

We need a negative consolidation and a return below $2390 for a bearish option. Thus, we move away from the $2400 level and look towards $2380 as the next support. If we don’t manage to hold on there either, a drop below will follow and thus confirm that the price of gold is starting a bigger retreat. Potential lower targets are $2370 and $2360 levels. The price could receive additional support in the EMA50 at the $2360 level.

Silver chart analysis

The price of silver is rising above the $29.00 level today. On Thursday, we looked at a lateral consolidation in the $27.80-$28.00 range to see a break above the upper line towards the end of the day and a jump to the $28.40 level. During the Asian trading session, bullish consolidation continued, and silver crossed the $29.00 level, forming a new high at $29.22. If this trend continues, we could easily climb to a new high.

Potential higher targets are $29.30 and $29.40 levels. We need a pullback down to the previous support at the $28.80 level for a bearish option. A break below that level will increase the bearish pressure on the price of silver, and we can expect the beginning of a bearish consolidation. Potential lower targets are $28.60 and $28.40 levels.

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