After the rise in US interest rates and as a consequence of the strong dollar, the drop in metals was expected, but strong.
Gold yesterday reported the biggest daily collapse for a period of five months. Silver dropped -3%, the largest decline over a period of three months. Palladium - more than -4%.
Currently, Gold, Silver and Platinum are in a short-term correction and potential for continued decline, along with the Palladium that the downward trend has emerged most clearly.
Different behavior of Copper, which has increased by nearly 2.4 percent, wiping all yesterday's losses. The effect comes partly from the today's data for business activity in China as well as positive data on China's housing market, which is regarded as a leading indicator of recovery.
Oil also continues to trade at lower levels and at this stage there is no real economic factors that could change the trend.
25 Canada Square, Level 33, office 50, Canary Wharf London, E14 5LQ +44 20 3608 6256
World Financial Markets - 0700 17 600 Varchev Exchange - 0700 115 44
Varchev Finance Ltd is registered in the FCA (FINANCIAL CONDUCT AUTHORITY) with a passport in the United Kingdom: FCA, United Kingdom - registration number: 494 045, which allows provision of financial services in the United Kingdom.
Varchev Finance Ltd strictly comply with the statutes of the European directive MiFID (Markets in Financial Instruments). targeting increased efficiency, transparency and uniformity of financial instruments.
Varchev Finance Ltd is authorized and regulated by the Financial Supervision Commission - Sofia, Bulgaria: License number RG-03-02-05 / 15.03.2006
The information on this site is not intended for distribution or use by any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
Disclaimer:
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63,41% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.