Gold
Gold created its ATH exactly 460 days ago. Most of the movements since then were downwards or side movements and it mostly looks like gold has created one giant triangle. This does not have a bad connotation at all, since gold was mostly rising before that. Last weeks were more problematic since the inflation in United States rose to 6.2 % levels. EU is not “far behind.”
Indices, stocks and cryptocurrencies were mostly rising, but gold has mostly stagnated. Yet, from the technical point of view, this week was crucial, since gold has broken the 1 830 level. It created a new higher high and broke upwards the trendline. Right now, there is nothing that should stop gold from reaching new ATH.
Gold 1D chart
Silver
It is interesting to see that silver, “the younger brother” of gold, has broken the trendline as well, but much sooner. However, silver did not have any major movements in the past year and it mostly moved sideways. The first goal for silver would be to get above 30 USD. Yet, silver is still far from its ATH, but the fact that the inflation is rising can push this metal to the levels never seen before.
Silver 1D chart
Conclusion
Most of the precious metals have jumped back quite quickly after the 2020 dump, however, after the stock market have started rising again, most of the precious metals were only moving to the side. Due to increasing inflation, most of the commodities might be back on track to rise and I believe that this week has been crucial for the change from sideways movement to rising movement.
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