It's been a while but yesterday's move during US market hours saw the massive sell down for Gold and Silver where Gold Futures is currently trading at 1923.70 and Silver Futures at 25.28. The current news on why precious metals has taken a hit was due to the vaccine that Russia has indicated and resulting in equities being more favorable than safe havens. It is important to monitor the price action for the next few days/weeks as we may see more downward action for precious metals considering its parabolic move to the upside over the past 2 weeks.
Looking at GLD chart, it has dropped a good -5.37% overnight and close below its 20MA for the first time after many days. It may look to correct even further if more positive news on the vaccine continues to be published. First level of support may be at 173.74 at 61.8% Fibonacci retracement. There was sideways accumulation at around 168.25 and it may be another level, though the period is not that long (6-7 trading days).
GLD Daily
Silver really took a beatnig last night, plunging -13.59% in a single day. Its first breakout point was at 22.62 (the long green bar on 4 Aug) and we will need to see the price action today to determine if it will close above that price level. If this continues to close below, we are looking at the next level at 21.54 which is a gap fill.
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