Connect with us

Precious Metals

Heavy Metal Selling [Charts]

Anxiety about an increase in Covid19 cases and fears of a second wave coupled with revelations of historic money laundering practices of major global banks weighed heavily on financial markets yesterday. Precious metals were not immune to the sell off which saw gold below $1,900 and silver off a whopping 12% during intraday trading. The […]
The post Heavy Metal Selling [Charts] appeared first on GoldCore Gold Bullion Dealer.

Share this article:

Published

on

This article was originally published by Goldcore

Anxiety about an increase in Covid19 cases and fears of a second wave coupled with revelations of historic money laundering practices of major global banks weighed heavily on financial markets yesterday.

Precious metals were not immune to the sell off which saw gold below $1,900 and silver off a whopping 12% during intraday trading.

The following charts show the short term support that halted the rout in precious metals by the end of the day.

With the negative news pushing gold through the 50 day moving average and previous short term support at $1,925 (Support #1) it continued the sell off falling as low as $1,880. As with most markets the daily close is significant for traders and gold closed just above the previous support of $1,910 (Support #2).

Gold remains vulnerable in the short term to a further pull back, particularly with a close below $1,910 which could target the next major support level at $1,810

However, the long term the bull trend still remains intact and the fundamentals are extremely supportive of gold. These pull backs present a major opportunity for long term investors to either get invested or add to their gold holdings.

The sell of in silver was much deeper than gold with the white metal being down over 12% at one stage intraday.

This image has an empty alt attribute; its file name is Silver-Sell-Off-Chart-1024x572.png

Again a breach of short term support triggered by a weakness in the broader markets saw the start of the sell off. Momentum selling took silver through the support at the 50 day moving average and it didn’t find support until just above the previous major support level at $24.65. Similar to gold, close below this support level could pave the way for a further pull ack to the next major support level close o $23.00.

A resumption of the uptrend short term would require a close above $26.65.

Silver is always the more volatile of the precious metals and one day pullbacks by their nature tend to be larger than one day rallies. However, like gold the long term uptrend in silver remains intact and the fundamentals that underpin silver are stronger than ever.

Precious metals will always be vulnerable to the sell offs in the broader markets in the short term but  this can present opportunities for the shrewd investor.

GOLD PRICES (USD, GBP & EUR – AM/ PM LBMA Fix)

22-Sep-20 1903.10 1906.00 1487.46 1493.16 1621.63 1625.25
21-Sep-20 1930.90 1909.35 1503.21 1489.48 1638.18 1624.47
18-Sep-20 1954.75 1950.85 1505.16 1508.01 1647.85 1648.66
17-Sep-20 1936.10 1936.25 1494.67 1499.82 1642.78 1640.20
16-Sep-20 1964.80 1961.80 1521.15 1512.55 1654.56 1656.74
15-Sep-20 1963.55 1949.35 1523.13 1513.09 1652.13 1644.67
14-Sep-20 1942.30 1958.70 1511.69 1518.97 1638.14 1648.83
11-Sep-20 1944.50 1947.40 1519.82 1523.06 1639.41 1644.38
10-Sep-20 1944.80 1966.25 1493.41 1519.71 1643.74 1651.26
09-Sep-20 1928.40 1947.20 1489.69 1496.62 1638.56 1647.14
08-Sep-20 1920.60 1910.95 1467.72 1466.27 1626.17 1622.40
07-Sep-20 1928.40 1928.45 1463.08 1465.43 1629.88 1631.47
04-Sep-20 1937.60 1926.30 1456.49 1459.56 1634.75 1633.12
03-Sep-20 1934.10 1940.45 1453.86 1459.99 1635.28 1637.74
02-Sep-20 1969.00 1947.05 1475.17 1462.43 1659.47 1645.45

Access Latest Goldnomics Podcast (Part II) Here



Own gold coins and bars in the safest vaults in Zurich, Switzerland with GoldCore. Learn why Switzerland remains a safe haven jurisdiction for owning precious metals. Access Our Most Popular Guide, the Essential Guide to Storing Gold in Switzerland here

Receive Our Award Winning Market Updates In Your Inbox – Sign Up Here



The post Heavy Metal Selling [Charts] appeared first on GoldCore Gold Bullion Dealer.



precious metals

Share this article:

Uncategorized

Magna Mining Hits 7 Metres Of 4.2% Nickel

Magna Mining (TSXV: NICU) has released further assays from its ongoing drill program at its Crean Hill property. Recent drill
The post Magna Mining Hits…

Share this article:

Continue Reading
Economics

The Hard-Asset Inflation / Paper-Asset Deflation Theory

The Hard-Asset Inflation / Paper-Asset Deflation Theory

Authored by Bruce Wilds via Advancing Time,

All fiat currencies are no more than…

Share this article:

Continue Reading
Companies

Bargain Barrel: Here are 15 uranium explorers under the $50m market cap mark

There’s a lot of crap down the cheap end of the bourse. There are also some absolute gems that, with … Read More
The post Bargain Barrel: Here are…

Share this article:

Continue Reading

Trending