Precious metals sell off sharply
Gold and silver are both feeling the heat today, as sellers have piled in to drive prices lower. The move has seen gold give back most of yesterday’s gains, although it continues to trade north of $2,300. It appears to be finding support at current levels ($2,320-$2,330), but should it break below here, the area around $2,300 also acted as support earlier this month. The daily MACD continues to indicate that momentum is to the downside, although it is now at neutral levels. Today’s move in silver is more dramatic, as prices are currently down over 4%. Silver sliced below support which came in around $29.90, and has now dropped below $29.50. It will be interesting to see if it can recover enough for that support area around $30 to hold on a closing basis. Silver’s daily MACD suggests that momentum is still to the downside, and that it has a lot of ground to cover to get back to more neutral levels. But bear in mind the inherent volatility of the metal, and that rallies can come out of nowhere.
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