At-a-Glance
Today’s Top Highlights
The big selloff that traders have been wondering about over the last year has finally come for the Silver market, with prices falling by nearly 30% on the day today. This selling was not limited to Silver, as Gold dropped near 10%, Platinum fell 17% and Copper fell over 4%. This is a great example showing that as markets see a significant rise higher in a short period of time, the selling that comes after is typically near the same speed if not faster to the downside. Silver futures opened today near $115/oz and now sit near $83/oz, and still remain above the 50-day moving average on a daily chart, showing just how high these prices have climbed.
The selling pressure was not contained to just the precious metals either as the equities and Crypto futures saw declines as well, with the Russell leading equities lower trading down by about 1.5%. Bitcoin futures traded down near the lows from November and finished the day marginally positive while Ether futures ticked lower by near 3%. The Chicago PMI and PPI data today came in better than expected, and the market still sold off into the weekend, and now traders will be watching the open Sunday night to see if the selling will continue or if the market will be supported at these lower levels.
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