Technical Breakdown Triggers Selloff in Precious Metals (GLD) (IAU) (SLV)

December 20, 2012 11:27 AM EST
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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