6 Apr 2015
Silver trades above 200-DMA
FXStreet (Mumbai) - Silver prices rose above 200-DMA located at USD 17.023/Oz, as the US dollar weakened on a surprisingly weak US non-farm payrolls figure in the US.
Silver: trades at eight-day high
Prices currently trade at the eight-day high of USD 17.19/Oz, outdoing the rise in Gold prices. Silver is up almost 3%, while Gold currently trades 1.66% higher at USD 1220.80/Oz. The previous metals pack has been on the rising trend post the release of a surprisingly dovish Fed minutes released in March. Friday’s jobs report could have pushed the rate hike bets in the US further out in 2015 or early 2016. Consequently, the dollar weakened, thereby leading to strength in the previous metals.
Silver Technical Levels
The immediate resistance is seen at 17.40, above which gains could be extended to 17.72. On the flip side, a break below 17.02 (200-DMA), could push the prices lower to 16.89 (10-DMA).
Silver: trades at eight-day high
Prices currently trade at the eight-day high of USD 17.19/Oz, outdoing the rise in Gold prices. Silver is up almost 3%, while Gold currently trades 1.66% higher at USD 1220.80/Oz. The previous metals pack has been on the rising trend post the release of a surprisingly dovish Fed minutes released in March. Friday’s jobs report could have pushed the rate hike bets in the US further out in 2015 or early 2016. Consequently, the dollar weakened, thereby leading to strength in the previous metals.
Silver Technical Levels
The immediate resistance is seen at 17.40, above which gains could be extended to 17.72. On the flip side, a break below 17.02 (200-DMA), could push the prices lower to 16.89 (10-DMA).