Gold and silver: Gold shines at a new all-time high

Gold chart analysis

The price of gold climbed to a new all-time high last night at the $2236 level. Today is Good Friday and the market is closed for all commodities. We continue from the Sunday after the Easter holidays. Based on the trend, we could expect to see the price at higher levels, and the potential targets are $2240 and $2245.

If there is a pullback, the first support is at the $2220 level. There, we had the last consolidation, after which we climbed to yesterday’s high. Our staying longer in that zone would increase the bearish pressure on the price. A break below would be the next step and confirmation of the bearish option. Potential lower targets are $2215 and $2210 levels. In the zone around $2200, we will have additional support in the EMA50 moving average.

Silver chart analysis

The price of silver managed to reach the $25.00 level again yesterday. Before that, during the price week, we consolidated below the $24.80 level and moved in the $24.40-$24.80 range. The EMA200 moving average hovered around $24.70, and yesterday, we managed to break above it and climb to a new weekly high. We need a break above $25.00 next week to continue on the bullish side. After that, we can expect the day to continue on the bullish side.

Potential higher targets are $25.10 and $25.20 levels. We need a negative consolidation below the $24.80 level for a bearish option. We would be under more pressure there because we struggled to get past that level in the past few days. With the growth of bearish momentum, we expect to descend and test the EMA200 moving average at the $24.70 level.

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