Gold has rallied thanks to the US-Russia tensions and higher inflation. Technically, we see prices are coming up from $1780 in an impulsive fashion and crossing $1854, heading to $1916 and breaking out.
It looks like a strong move that might suggest a completed triangle. As such, be aware of more upside after a pullback in the 4-hour, which we expect at least in three waves with first support around the $1854 area.
Silver is trying to wake up following gold's recovery, but notice that correction somehow still looks unfinished; it's just consolidating at the lows. Looking at the weekly chart, we believe that silver will be much higher later this year, but calling a bottom can be tricky sometimes, especially when you don't have five waves up.
At this stage, it's important to focus on the 4h-chart, where we see a sharp decline from the highs, so for now, we are tracking a three-wave A-B-C pullback with ideal support around the $23.05 level. Any bigger and deeper decline back below the $21.96 region would signal that bears are still in control.
