8 Apr 2015
Silver suffers moderate losses
FXStreet (Mumbai) - Silver prices suffered moderate losses ahead of the FOMC meeting, pretty much in line with other precious metals like Gold.
Drops below 5-DMA
The metal declined from a high of USD 16.91/Oz, to trade just below the 5-DMA located at USD 16.883/Oz. Prices also trade below the hourly 100-MA located at USD 16.82. The drop is in line with the moderate weakness seen in the Gold, which is trading lower by 0.16% at USD 1208.80/Oz.
Both the precious metals have failed to strengthen despite the weakness in the USD index seen during the European session.
Silver Technical Levels
The metal currently trades 0.25% lower at USD 16.798/Oz. The immediate resistance is seen at 16.88 (5-DMA), above which gains could be extended to 17.00 (200-DMA). On the other hand, a break below the previous session’s low at 16.73 could send the prices lower to 16.617 (100-DMA).
Drops below 5-DMA
The metal declined from a high of USD 16.91/Oz, to trade just below the 5-DMA located at USD 16.883/Oz. Prices also trade below the hourly 100-MA located at USD 16.82. The drop is in line with the moderate weakness seen in the Gold, which is trading lower by 0.16% at USD 1208.80/Oz.
Both the precious metals have failed to strengthen despite the weakness in the USD index seen during the European session.
Silver Technical Levels
The metal currently trades 0.25% lower at USD 16.798/Oz. The immediate resistance is seen at 16.88 (5-DMA), above which gains could be extended to 17.00 (200-DMA). On the other hand, a break below the previous session’s low at 16.73 could send the prices lower to 16.617 (100-DMA).