Gold and Precious Metals

Gold prices tick up, silver reaches two-year high

While gold prices (GC=F) hit an all-time high on Tuesday, silver (SI=F) has climbed to a two-year high. Yahoo Finance Senior Markets Reporter Jared Blikre monitors the price action hitting these two precious metal commodities.

For more expert insight and the latest market action, click here to watch this full episode of Morning Brief.

Editor’s note: This article was written by Luke Carberry Mogan.

Video Transcript

JARED BLIKRE: Let’s take a look at the commodities heat map on the Wi-Fi interactive. Behind me, silver in the upper left. That is the number one returner that finally broke out of a trading range. So let’s start with that first, then we’ll move on to gold.

This is a three-day chart. So this is really when we saw that breakout, that was yesterday. But let me give you a three-year view so we can see– actually five– so we can see the pandemic highs, which were actually the all-time highs right around $30.

So that’s going to be a huge level, 28 to 30 is a big range, but we just broke above what had been prior resistance. Now we got these all-time highs just a little bit above. And so we’ll have to see, 30s really the line in the sand here for silver.

Now, I want to go to gold as well. Now, GC equals F, that’s up half a percent today. Here is a five-year view as well. Now, we have just broken out of a long-term inverse head and shoulders pattern.

So there is a neckline, we punched above late last year and now we are accelerating. Just given the length of this consolidation, four-five years we would expect a lot of upside momentum from here and that’s what we’re seeing.

What’s really interesting is that this is happened over the last few days. We’ve had a lot of acceleration in gold and silver against a backdrop of raising rates. Gold typically doesn’t like higher rates.

So there’s a lot going on internally in the gold market that I think speaks as to its strength. So independent of these external factors of macro forces of interest rates. Gold and precious metals really heading higher here.

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