🥈 Silver was the biggest loser among key commodities last week, declining 14%. Is this just a correction or a beginning of the bear market?
Precious metals have been under pressure lately despite extremely dovish Fed. The key reason is US dollar. The US currency was under huge pressure during the summer but has been recovering lately, applying downward pressure on precious metals – especially Silver.
What’s next? The key fundamental reason behind silver – accommodative monetary policy – is still there and will continue for a long time. USD gains are mostly technical and could be temporary. Looking on the chart, the next support line could be found just below $22 (150day moving average).
Start investing today or test a free demo
Open account Try demo Download mobile app Download mobile app
This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.
