When moves tend to go parabolic, the profit-taking naturally can be swift and sharp. And that’s what we’re seeing with silver after hitting highs of over $93 overnight before a quick plunge in Asia. There is some light buying seen closer to $86.50 for now but key near-term support will only come closer to $85, with the 100-hour moving average also seen at $85.12 currently.
The precious metal is down nearly 6% currently to $87.73 on the day with price movements still extremely volatile. That being said, it hardly looks like much of a dent even when looking at the near-term chart:
Amid the drop in silver, gold is also seeing some selling as it cools back under the $4,600 mark. The move here is much more measured and composed though with the precious metal down 0.8% to $4,583 currently.
And also in the commodities space, oil is in the spotlight amid geopolitical headlines involving Iran. After hitting its 200-day moving average yesterday, WTI crude oil is facing a pushback with Trump also toning things down as price falls another 2% today to $59.78 currently. The high yesterday touched $61.50.
Looking at other markets, equities remain more tentative after tech shares sold off yesterday while major currencies are not really showing all too much appetite for now. The dollar remains steadier at the balance, with light movements yesterday and that is carrying over to today as well.
USD/JPY remains the key focus in the major currencies space after Tokyo officials stepped in with some verbal intervention yesterday
