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.

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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.