Gold above $2350, and Silver goes to the $28.00 level

Gold chart analysis

Last week, we saw the price of gold break the $2300 barrier for the first time. On Friday evening, at the very closing of the market, the price rose to the $2,330 level. During this morning’s Asian trading session, we saw the first pullback to the $2303 level, thus testing the $2300 support. After that, with two strong bullish impulses, the price jumps to a new all-time high at the $2354 level.

Then we watched a pullback to $2330 and are testing the weekly open price there. For now, we are successfully holding above and moving up to the $2340 level. It could easily happen that we soon see a new bullish impulse and the price of gold at a new all-time high. Potential higher targets are $2360 and $2370 levels. Increasing tensions in the Middle East between Israel and Iran will only support the price of gold in its bullish trend.

Silver chart analysis

The price of silver climbed to a new three-year high this morning at the $28.08 level. After that, we stop there and pull back to support at the $27.60 level. For now, we managed to stay above and slightly recover to the $27.80 level. We need a continuation of this positive consolidation now in order to start a further recovery and retest the $28.00 level. Potential higher targets are $28.20 and $28.40 levels.

We need a negative consolidation and a new pullback below the $27.60 level for a bearish option. After that, we look at the weekly open price at the $27.46 level. With a drop below, we move to the bearish side, and silver will have to look for a new support level. Potential lower targets are $27.20 and $27.00 levels. Additional support in the zone around $27.10 is the EMA50 moving average.

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