Gold and silver: silver rose above the $29.50 level

• The new May high price of gold was formed yesterday at the $2397 level.
• On Wednesday, the price of silver managed to break above the $29.00 level.

Gold chart analysis

The new May high price of gold was formed yesterday at the $2397 level. After that, the price pulled back to the $2370 level, finding support in the EMA50 moving average. During this morning’s Asian trading session, the price movement took place in the $2375-$2385 range. Now, at the start of the EU session, the price of gold wakes up and levels up to $2388. A slight bullish momentum could push the price above the $2390 level.

With this, we start a new positive consolidation and expect to see further recovery. Potential higher targets are $2400 and $2410 levels. We need a negative consolidation and pullback below the EMA50 moving average and $2370 for a bearish option. After that, the price would be under pressure to begin a pullback to new support. Potential lower targets are $2365 and $2360 levels.

Silver chart analysis

On Wednesday, the price of silver managed to break above the $29.00 level. After that, a recovery was observed until the new weekly high was formed at $29.84. Since then, we have been in a sideways consolidation in the $29.40-$29.80 range. We also have support from the EMA50 moving average from the start of this week. With a couple of new bullish impulses, we can hope to visit the $30.00 level.

Potential higher targets are $30.00 and $30.20 levels. We need a pullback below the EMA50 and the $29.40 level for a bearish option. This brings us down to a new two-day low and comes under greater bearish pressure. After that, we expect to see the price of silver drop to lower levels. Potential lower targets are $29.20 and $29.00 levels.

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