- The price of gold on Friday, October 18, receives new bullish momentum to a new all-time high at the level of $2,714.
- During the Asian session this morning, the price of silver once again began a bullish consolidation above the $32.00 level.
Gold chart analysis
The price of gold on Friday, October 18, receives new bullish momentum to a new all-time high at the level of $2,714. After that, we started a pullback to the $2702 level. Here, the price stops further retracement and returns to the bullish side. With two new bullish impulses, gold rises again above $2,710 and approaches the previous high. We need one more boost, and here we are at a new all-time high.
The highest potential targets are the $2720 and $2730 levels. For a bearish option, we need a negative consolidation of the gold price below the $2700 level. After that move, space opens up towards the daily opening level of $2,693. In that area we can test the 50 EMA moving average because it was our support in the previous days. This time we need a break below and the formation of a new daily low. The possible lower targets are the $2690 and $2680 levels.
Silver Chart Analysis
During the Asian session this morning, the price of silver once again began a bullish consolidation above the $32.00 level. We form a daily high of $32.17 and confirm the weekly high. The price has been in a stable bullish consolidation and has received support from the 50 EMA and 200 EMA since Tuesday, October 15. We expect to see further growth and a breakout towards a new weekly high. The possible highest targets are the $32.20 and $32.30 levels.
For a bearish option, the silver price must remain below the $32.00 level. Failure to overcome will add to the momentum and trigger a bearish consolidation. Going down to the $31.80 level, we retest the 50 EMA. This time we expect a break below and the formation of a new daily low. The possible lower targets are the $31.70 and $31.60 levels.
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