25 Feb 2015
Silver trades at 100-DMA
FXStreet (Mumbai) - Silver prices trade at the 100-DMA located at USD 16.52, after having declined from the daily high of USD 16.72.
Silver supported by weak USD
The metal recovered from the low of USD 16.07 seen yesterday as dovish comments from the Fed chief Yellen weakened the US dollar. However, the gains were capped today at USD 16.72 as the US dollar showed signs of stabilization after it withered a renewed sell-off seen at the onset of the European session today. Furthermore, an upbeat Chinese PMI data also curbed demand for the safe haven metals.
Silver Technical Levels
The metal currently trades at USD 16.51/Oz; up 1.72%. The immediate resistance is seen at 16.80, above which gains could be extended to 16.95 (50-DMA). On the flip side, support is seen at 16.07 and 15.775.
Silver supported by weak USD
The metal recovered from the low of USD 16.07 seen yesterday as dovish comments from the Fed chief Yellen weakened the US dollar. However, the gains were capped today at USD 16.72 as the US dollar showed signs of stabilization after it withered a renewed sell-off seen at the onset of the European session today. Furthermore, an upbeat Chinese PMI data also curbed demand for the safe haven metals.
Silver Technical Levels
The metal currently trades at USD 16.51/Oz; up 1.72%. The immediate resistance is seen at 16.80, above which gains could be extended to 16.95 (50-DMA). On the flip side, support is seen at 16.07 and 15.775.