In a recent "Metals Minute" commentary by Blue Line Futures LLC, precious metals expert Phil Streible highlighted a decline in both gold and silver prices overnight.
Key Levels of Support
Streible expressed concern over the weakening trend in the precious metals market, citing a range of factors contributing to the downward pressure. As he noted, "The gold market is trading at the 50-day moving average, but we don't want to see Futures trade below it."
A key level of support for gold has been identified at $2,653.00. Streible emphasized the importance of this level, stating, "A lot of analysts are calling out there for $2,500 gold." If gold were to break below this level, it could have significant implications for the broader market, including silver.
Silver's Struggles
Silver, another precious metal under scrutiny, is currently holding onto trend support at $31.17. However, a breach of this level could lead to a sharp decline, potentially reaching the $30 mark.
Streible also discussed the impact of the recent US election on the precious metals market. The expectation of fewer interest rate cuts in 2025 and the potential for increased inflation under a Trump administration have negatively impacted gold's appeal as a safe-haven asset.
Cryptocurrency Competition
Additionally, the surge in cryptocurrency prices, particularly Bitcoin and Ethereum, has diverted investor attention away from precious metals. As Streible observed, "This rotation is underway out of the precious metals markets into US equities and into the crypto Market as well."
While the current market conditions appear challenging for gold and silver, Streible cautioned investors to remain vigilant and monitor key economic indicators. He emphasized the importance of tight stop-loss orders and reduced upside targets in light of the potential for increased market volatility.
Watch the full interview:
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