Technical Breakdown Triggers Selloff in Precious Metals (GLD) (IAU) (SLV)
Get Alerts SLV Hot Sheet
Join SI Premium – FREE
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.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Natural Gas Inventory -36 bcf vs -28 bcf Expected
- Natural Gas Inventory 7 bcf vs 5 bcf Expected
- Enbridge (ENB) to Enter JV Connecting Permian Basin Natural Gas Supply to LNG and USGC Demand
Create E-mail Alert Related Categories
Commodities, ETFsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!