🚨Silver is falling below $110 per ounce amid a sharp sell-off on Wall Street
Gold and silver prices reached fresh all-time highs today. Gold traded around 5,600, while silver moved above $120 per ounce. Yesterday’s earnings report from Microsoft was received negatively by the market, triggering an almost 10% pullback in the stock at the start of today’s session.
Although precious metals are typically seen as a hedge against risk, their recent surge suggested that the biggest risk was actually on the downside, in the form of a potential correction. As a result, the risk-off move on Wall Street also spilled over into declines across the precious metals market.
Interestingly, just before the sell-off began, the price spread between Shanghai and New York widened to nearly $30 per ounce, which could be interpreted as a sign of a potential bubble in China. We are now seeing prices retreat below $110 per ounce. The first key support level is around $110 per ounce, aligned with the 38.2% Fibonacci retracement of the most recent upswing.
Source: xStation5
Source: XTB Research, Bloomberg Finance L.P.
The material on this page does not constitute financial advice and does not take into account your level of understanding, investment objectives, financial situation or any other specific needs. All information provided, including opinions, market research, mathematical results and technical analyzes published on the Website or transmitted To you by other means, it is provided for information purposes only and should in no way be construed as an offer or solicitation for a transaction in any financial instrument, nor should the information provided be construed as advice of a legal or financial nature on which any investment decisions you make should be based exclusively To your level of understanding, investment objectives, financial situation, or other specific needs, any decision to act on the information published on the Website or sent to you by other means is entirely at your own risk if you In doubt or unsure about your understanding of a particular product, instrument, service or transaction, you should seek professional or legal advice before trading. Investing in CFDs carries a high level of risk, as they are leveraged products and have small movements Often the market can result in much larger movements in the value of your investment, and this can work against you or in your favor. Please ensure you fully understand the risks involved, taking into account investments objectives and level of experience, before trading and, if necessary, seek independent advice.
