Precious metals under pressure
During today's session, we can observe a solid declines in the precious metals market. Gold is losing 3%, while the sell-off on silver reached nearly 5%! From a technical point of view, declines are caused by the broad head-and-shoulder formation that is clearly visible on the H1 interval. After breaking below the zone at $ 26.75, the declines intensified, then we saw a correction, which resulted in generating another downward impulse. Currently price of silver is trading below the support at $ 26.00, which opens the way for a bigger decline towards $ 25.00 level.
Silver interval H1. Source: xStation5
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.
