Gold on ATH at $2149 level, and silver jumps to $25.91

Gold chart analysis

At the market’s opening this morning, the price of gold made a bullish impulse to the $2149 level. Participants in the market were worried about the possible conflict between Venezuela and Guyana, and all this, together with the events in Ukraine and Israel, further increased the fear of a new global recession. Back to the chart, after the formation of a new high, the price initiates a bearish consolidation and receives support at the $2060 level.

For now, we are holding above that level and moving into a bullish consolidation, moving to the $2075 level. We need to hold above $2070 in order to provide good support for continuing to the bullish side. After that, we expect to see the price above the $2090 level first. Potential higher targets are $2100 and $2110 levels.

Silver chart analysis

At the opening of the Asian trading session, the price of silver made a bullish impulse to the $25.91 level. There, we form a new high and start a bearish consolidation that brings us down to the $25.10 level. In essence, today we see a bearish consolidation that could break below the previous daily low and form a new one, thereby confirming bearish momentum and the potential of a bearish trend.

Potential lower targets are $25.00 and $24.80 levels. We need a positive consolidation above the $25.20 level for a bullish option. After the formation of a new bottom, we could start a further recovery on the bullish side. Potential higher targets are $25.40 and $25.60 levels.

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