Gold and silver: the bullish trend continues for gold
- On Tuesday, October 22, the price of gold rose to a new all-time high of $2748
- The price of silver continued this week with the previous strong bullish consolidation
Gold chart analysis
On Tuesday, October 22, the price of gold rose to a new all-time high of $2748. During the EU session, the price was consolidated around $2730; in the US session, we saw the strengthening of the bullish momentum to a new high. Yesterday’s high was broken, indicating that we should continue on the bullish side. Potential higher targets are $2750 and $2760 levels.
If we see a reduction in the momentum of the rising trend, the price of gold will first return to the $2730 support zone, where the EMA 50 moving average awaits us. This time, we expect a break below and a strengthening of the bearish picture. After that, it remains to go down to $2720 and test the weekly open level to stay on the positive side. The impossibility of the price to gain new support there will increase the bearish pressure and form a new low. Potential lower targets are $2710 and $2700 levels.
Silver chart analysis
The price of silver continued this week with the previous strong bullish consolidation. On Tuesday, October 22, the price climbed to $34.86, a new multi-year high. We expected resistance and a bullish trend to soften at $34.00, but the price continued to rise. For now, everything remains bullish, and we hope for a continuation of the silver price on the bullish side. Potential higher targets are $35.00 and $35.50 levels. $35.00 could be a strong psychological level for investors in this precious metal.
For a bearish option, silver would have to initiate a bearish consolidation down to the $34.00 level. Here, we hope for greater pressure on the price of silver to fall below the weekly open level of $33.77. Crossing on the negative side will further strengthen the bearish momentum, and silver must look for a new support level. Potential lower targets are $33.50 and $33.00 levels.
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