Silver is one of the big winners in July as precious metals gained on USD weakness and extreme central bank policies. While the Fed assured investors yesterday that it would do everything to support markets, Silver failed to break higher. In fact we see the 2 large doji candles on the D1 chart. Following a rally, such candles could herald troubles as they indicate hesitation among the buyers.
Having said that, similar patterns were a bit inconclusive in the past. In 2010 the big Silver rally (that lasted into 2011) resumed right away. In 2016 the candles indeed capped the rally but the market still consolidated at the highs before moving lower. To conclude, such formation can herald troubles but even a correction does not mean the longer term prospects for Silver must change.
NATGAS loses after the EIA inventories report
BREAKING: OIL gain extends to 3.5% 📈Chinese state companies stop Russian oil purchases
⏫ Oil Gains 2% on Russia sanctions
Daily wrap – US Export Restrictions on China and Weaker Earnings Trigger Wall Street Correction
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.
