The 2017 has just begun but there is already some commodity which begins to suffer losing the territory acquired in 2016.
The first material to mention is the gold that has suffered a sharp setback veering downward after hitting two-month highs in recent days.
After the concerns about the election of Donald Trump and the Brexit have pushed up the price of gold (safe haven used in times of uncertainty), investors are back and cautious and gold purchases declined.
The trend of the gold price now shows how investors have returned to trust new United States President policies after the inauguration ceremony and after the first few days in office.
The price of safe haven is thus returned to fall after reaching its highest of two months and after having broken through the threshold of $ 1.200.
The price of gold is currently traveling with a fall of 1,17%. After falling below $ 1.200, the listing has thus broken through the support level at $ 1.195 and this could accelerate the descent into $ 1.180 area.
Bearish analysts think that gold prices could slip up in the area $ 1.175- $ 1.163. If it should go on the upside, a rise in the gold price above $ 1.208- $ 1.210 area could lead to cope with a new level of resistance at $ 1.235.
As regards the price of silver, it seems to go towards the first bearish week of the last five weeks. The decline began Tuesday and it has pushed prices below $ 17.
The price of silver seems to have finished the upward progression that began in the last days of 2016 which has brought him from the lows of the last nine months at $ 15,6 to $ 17,3.
The most interesting events for the market in these days are represented by the controversy between Theresa May and European Union procedures for Brexit and public exits of Donald Trump, who is showing what are its plans with his first operations.
The reactions that accompany the first steps of the new occupant of the White House seem to be positive for the markets. The US stock market indices continue to raise, the dollar hints at a possible bullish return and the precious metals lost ground.
The supports of the silver price at $ 16,3 and $ 15,7 will be the two most important tests along the downward. If they shall fall, there would be a return to the same price levels of early 2016.
Even the oil price is declining again after a short-term rally in the wake of rumors that Saudi Arabia is confident about the production cut that has begun to drain oil barrels in excess in the market.
According to the Organization of Petroleum Exporting Countries (OPEC) and 11 non-OPEC producers, the international agreement has already brought to a cut of 1,5 million barrels per day from world oil market, more than 80% of the agreed sum.
In the weekend, on the New York Mercantile Exchange, the price of WTI oil is down of 1,15% to 53,17 dollars a barrel, while Brent prices marked a downward of 1,30% to $ 55,52 per barrel.
The International Energy Agency expects growth in oil demand in the world to fall to 1,3 million barrels a day this year, from 1,5 million barrels per day in 2016.