- On Tuesday, October 22, the price of gold rose to a new all-time high of $2,748.
- The price of silver continued the previous strong bullish consolidation this week.
Gold chart analysis
On Tuesday, October 22, the price of gold rose to a new all-time high of $2,748. During the EU session, the price 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. The highest potential targets are the $2750 and $2760 levels.
If we see a reduction in the momentum of the uptrend, the gold price will first return to the support zone of $2730, where the 50 EMA awaits us. This time we expect a break below and a strengthening of the bearish outlook. After that, it remains to go down to $2720 and test the weekly opening level to stay on the positive side. The price's failure to gain new support there will increase bearish pressure and form a new low. The possible lower targets are the $2710 and $2700 levels.
Silver Chart Analysis
The price of silver continued the previous strong bullish consolidation this week. On Tuesday, October 22, the price rose to $34.86, a new multi-year high. We expected resistance and an uptrend to soften at $34.00, but the price continued to rise. For now everything remains bullish and we expect the price of silver to continue on the bullish side. The highest potential targets are the $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 start a bearish consolidation towards the $34.00 level. Here, we expect further pressure on the silver price to fall below the weekly opening level of $33.77. A crossover on the negative side will further strengthen the bearish momentum and silver will need to look for a new support level. The possible lower targets are the $33.50 and $33.00 levels.
!function (f, b, e, v, n, t, s) {
if (f.fbq) return;
n = f.fbq = function () {
n.callMethod ?
n.callMethod.apply(n, arguments) : n.queue.push(arguments)
};
if (!f._fbq) f._fbq = n;
n.push = n;
n.loaded = !0;
n.version = ‘2.0’;
n.queue = ();
t = b.createElement(e);
t.async = !0;
t.src = v;
s = b.getElementsByTagName(e)(0);
s.parentNode.insertBefore(t, s)
}(window, document, ‘script’,
‘https://connect.facebook.net/en_US/fbevents.js’);
fbq(‘init’, ‘504526293689977’);
fbq(‘track’, ‘PageView’);
