Precious Metals Decline Amid Broad Market Trend
On July 28th, silver prices declined due to breaking a bullish trend line and surpassing EMA50's support. This led to negative pressure on the metal, causing it to fall towards the key support level at $57.00. However, the relative strength indicators showed positive signals after reaching oversold levels, allowing silver to settle temporarily.
The decline in silver prices came as part of a broader market trend, where gold and EURUSD also fell during their latest intraday trading sessions. Gold broke a bullish corrective trend line on the short-term basis, while EURUSD continued its bearish trend below EMA50. Both metals showed negative signals from their relative strength indicators.
Coffee prices, however, remained stable above key support levels and formed mixed sideways trading, which didn't affect its main bullish trend. The price is expected to target new bullish stations at 357.00 and 375.00 if it surpasses the 337.50 level and holds above it.