📉Silver drops 5%🔽

5:46 PM January 8, 2021

Precious metals under pressure

During today's session, we can observe a solid declines in the precious metals market. Gold is losing 3%, while the sell-off on silver reached nearly 5%! From a technical point of view, declines are caused by the broad head-and-shoulder formation that is clearly visible on the H1 interval. After breaking below the zone at $ 26.75, the declines intensified, then we saw a correction, which resulted in generating another downward impulse. Currently price of silver is trading below the support at $ 26.00, which opens the way for a bigger decline towards $ 25.00 level.

Silver interval H1. Source: xStation5

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