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Monday, 2 July 2018

The silver broke $16 - the next stop is 15.50

Traditional economic theories say that gold and other precious metals should rise in times of geopolitical uncertainty. In an environment of constant mention of the word "trade war" between the US and China, what better geopolitical instability than this?
Still, noble metals can not find their way up and continue with their loss.
Gold broke the key support level of $1,250 and traded at $1,248 earlier this morning. Subsequent levels of support for the yellow metal are at levels of about $1,230 per ounce.
More worrying is the silver situation, where there was a break of the psychological limit of $16 per ounce. This level has already stopped the downward depreciation of the metal several times, and now the situation is quite worrying.
It seems almost certain that silver will test its key level of support at $15.50 per ounce.


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