After silver broke below 60, I'm actually more focused on whether gold can hold the 4000 level.
Today, the correlation between gold and silver is quite obvious.
Silver dropped from above 60 all the way down to around 58.8–59.0, and the volatility has noticeably increased.
Gold also retreated in sync and is currently very close to 4000.
$XAG $XAU $XAUT
#白银跌破60 #黄金4000
I won't be looking at silver alone.
Because silver itself has too much elasticity and can easily be swayed by emotions on short-term trades.
The key factor is gold.
If gold can hold around 4000, it indicates that the primary trend in precious metals isn't completely broken.
But if gold starts to effectively break below 4000, then the downside potential for silver can't just be viewed as a normal pullback.
For silver, I'm eyeing a few levels:
Support:
58.80 / 57.60 / 56.20 / 55.00
Resistance:
59.60 / 60.20 / 60.80 / 61.60
For gold:
Support:
4000 / 3980 / 3950 / 3900
Resistance:
4025 / 4050 / 4075 / 4100
This market phase, I prefer to see it as a 'recalibration of the gold-silver ratio and volatility.'
It's not surprising that silver is dropping faster.
It is inherently the more elastic one among the precious metals.
Moving forward, I'm mainly watching two things:
First, whether there's buying support near 4000 for gold.
Second, whether silver can climb back above 60.20–60.80.
Gold is the anchor.
Silver is the spring.
The stability of the anchor determines whether the spring will rebound or continue to be pressed down.
Today, the correlation between gold and silver is quite obvious.
Silver dropped from above 60 all the way down to around 58.8–59.0, and the volatility has noticeably increased.
Gold also retreated in sync and is currently very close to 4000.
$XAG $XAU $XAUT
#白银跌破60 #黄金4000
I won't be looking at silver alone.
Because silver itself has too much elasticity and can easily be swayed by emotions on short-term trades.
The key factor is gold.
If gold can hold around 4000, it indicates that the primary trend in precious metals isn't completely broken.
But if gold starts to effectively break below 4000, then the downside potential for silver can't just be viewed as a normal pullback.
For silver, I'm eyeing a few levels:
Support:
58.80 / 57.60 / 56.20 / 55.00
Resistance:
59.60 / 60.20 / 60.80 / 61.60
For gold:
Support:
4000 / 3980 / 3950 / 3900
Resistance:
4025 / 4050 / 4075 / 4100
This market phase, I prefer to see it as a 'recalibration of the gold-silver ratio and volatility.'
It's not surprising that silver is dropping faster.
It is inherently the more elastic one among the precious metals.
Moving forward, I'm mainly watching two things:
First, whether there's buying support near 4000 for gold.
Second, whether silver can climb back above 60.20–60.80.
Gold is the anchor.
Silver is the spring.
The stability of the anchor determines whether the spring will rebound or continue to be pressed down.