CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Precious metals and oil under heavy selling pressure

18:48 3 February 2023

Majority of commodities are facing significant pressure from bears as latest data from the US economy lead to strengthening of the US dollar and higher treasury yields. Fresh NFP report brought a higher degree of uncertainty regarding the Fed's  next move while dashing expectations that major central banks will soon end their tightening cycle. 

Silver price broke below the lower limit of the consolidation around $23.00-23.20 and fell more than 4.0% below $22.40 per ounce mark, a level not seen since mid-January. If current sentiment prevails, the downward move may deepen towards key support at $22.00, which coincides with the 200 SMA (red line) and upward trendline. Source: xStation5

Start investing today or test a free demo

Open account Try demo Download mobile app Download mobile app

GOLD pulled back over 2.0% on Friday and is testing crucial support at $1875, which coincides with the local upward trendline. Should break lower occur, downward correction may deepen towards next support at $1830, which is marked with 23.6% Fibonacci retracement of the bullish wave started at the  beginning of the pandemic. Source: xStation5

OIL.WTI retreated over 3.0% after buyers failed to break above local resistance at $77.80. Currently the price is testing the key support zone around $73.60, which is marked with lower limit of the 1:1 structure. Source: xStation5

This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.

Back
Xtb logo

Join over 935 000 investors from around the world