During today's session, we can observe a significant declines not only in the stock market, but also in the precious metals market. Gold and silver fell, but looking at the charts we can see that prices have hit key support levels.
When looking at the silver market from a technical point of view, the price hit the support zone at $ 23.20. If buyers manage to stop the declines here, an upward move towards earlier broken level of $ 24.20 is possible. However, if the aforementioned support is broken, then way towards the next support at $21.75 will be left open.
Silver H4 interval. Source: xStation5
In the gold market, we can also observe a clear rebound. Price bounced off the horizontal support zone at $ 1,875. If demand persists, a further move towards $ 1,896, which is currently acting as a key resistance, is possible. However, if the rebound turns out to be short-lived and the $ 1,875 level is broken, then way towards the September lows at $ 1,850 will be left open.
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Gold H4 interval. Source: xStation5
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Gold H4 interval. Source: xStation5
