During today's session, we see solid declines in the precious metals market. The price of gold drops more than 4% and the price of silver fell almost 7%. From technical point of view, price of silver just dropped below $ 27.00 an ounce. If the sell-off continues, investors should pay attention to the support zone around the $ 26.00 area where the lower limit of local 1:1 structure is located as well as previous price reactions and the 50% Fibonacci retracement. A rebound at this point may lead to another upward impulse. Otherwise, negation of the support will open the way to a deeper downward correction.
Silver H4 interval. Source: xStation5
