- Gold and Silver are both performing very strongly, so traders can be confident going long of either.
- Gold and Silver are each breaking to new record highs, and each overcoming major psychological round number levels ($5,000 for Gold, $100 for Silver).
- The best new trade opportunities which might set up today will likely be a long trade in Gold just below $5,000 or in Silver following a breakout to a new high or a bounce at $106.31.
Gold (XAU/USD): Technical Analysis
The price chart below shows that Gold is well established within a long-term bullish trend. It is not just a trend, but an incredible rise in value. Gold is up by more than 16% year to date and rose by 65% in 2025. Bulls can be excited and optimistic for several reasons:
- The price has reached a new all-time high yet again and is trading in blue sky, so has no obvious resistance levels to stop it except the high.
- Gold easily overcame the big round number at $5,000 earlier today and has even exceeded $5,100.
- Precious metals as an asset class are generally very bullish.
- At the time of writing, the short-term price action looks bullish.
After reaching a record high of $5,111.51 just a few hours ago, the price made a minor bearish retracement, but it is now rising again and is just a few Dollars off this high.
Traders should consider entering a speculative long trade if the price gets established later today above $5,111.51, which can usually be measured by two consecutive higher hourly closes above that level, without the second hourly candlestick having a significant upper wick.
Key Support Levels:
- $4,990.13
- $4,961.38
Key Resistance Levels:
- $5,111.51
Silver (XAG/USD): Technical Analysis
In recent hours, days, and months, we have seen an incredibly strong trend in Silver. There are several reasons to be bullish:
- The price is breaking out to a new all-time high as I type these words.
- Precious metals as an asset class are generally bullish, with both Gold and Silver making very strong gains.
- Silver easily overcame the big round number at $100, and is now almost 10% higher than that, with the price up by about 5% just today alone.
A few hours ago, the price made a relatively shallow retracement from the high, but the bullish price action has pushed the price to a new bullish breakout above $109.
Traders can consider entering a long trade upon any breakout to a new record high. However, it is important to keep in mind we are seeing extremely high volatility. A drop in price of 10% within a few hours is quite possible.
Traders who prefer to buy at bounces on support after dips could try to enter if we get a retracement to $106.31 and a bullish bounce there.
Key Support Levels:
- $106.31
- $103.40
- $99.13
Ready to trade our precious metal price forecast? Check out our list of the best Gold brokers and the best Silver brokers worth trading with.