Silver and gold prices have broadly been in a downward trend since 2011 when both metals posted all-time highs. XAU/USD topped out around 1921 and XAG/USD reached 49.80, before the price of both metals started to slide. In approximately 2 years silver has lost around 62% of its value and gold has lost around 35% of its value.
The sell-off is on the back of massive bull markets for both commodities, so there is room to move. Let’s not forgot that we saw gold and silver at current prices as early as 2010. That being said, there is not much in the way of near-term support for either metal - even less if the pair’s break through support zones around 1235 (XAUUSD) and 18.75 (XAGUSD).
Thus, if economic data out of the US continues to suggest that the Fed may start tapering asset purchases sooner rather than later, which was the case overnight with the release of better than expected new home sales data, and assuming the Fed continues down its current path, then the precious commodities may suffer further.
Data watch: US
Q1 final GDP: Expected 2.4% q/q
May personal spending: Expected 0.3%
Initial jobless claims: Expected 345K
Pending home sales: Expected 1.0%
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Gold & Silver Take Another Battering
Published 06/26/2013, 05:10 AM
Updated 05/14/2017, 06:45 AM
Gold & Silver Take Another Battering
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