Technical Breakdown Triggers Selloff in Precious Metals (GLD) (IAU) (SLV)
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Precious metals were slammed on Thursday after a number of key technical levels were breached. Notably, spot silver prices broke $30.75 support and collapsed below $30 for the first time since August. Early this week Gold breached support at $1675, and this morning the selloff has intensified.
Of note, $1675 was highlighted by a number of technical analysts as a key support level and a possible base for a leg higher to $1750. With support wilting this morning, bulls hope $1625 will provide a hiding place.
Progress on the fiscal cliff debate is seen by some as a near-term negative for precious metals.
iShares Silver Trust ETF (NYSE: SLV) traded lower by 4 percent early on Thursday.
SPDR Gold Shares ETF (NYSE: GLD) was lower by 1.6 percent.
iShares Gold Trust ETF (NYSE: IAU) was lower by a similar amount.
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Of note, $1675 was highlighted by a number of technical analysts as a key support level and a possible base for a leg higher to $1750. With support wilting this morning, bulls hope $1625 will provide a hiding place.
Progress on the fiscal cliff debate is seen by some as a near-term negative for precious metals.
iShares Silver Trust ETF (NYSE: SLV) traded lower by 4 percent early on Thursday.
SPDR Gold Shares ETF (NYSE: GLD) was lower by 1.6 percent.
iShares Gold Trust ETF (NYSE: IAU) was lower by a similar amount.
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