Silver jumps to near 6-month high

Silver prices in the USD terms or XAG/USD rose to $16.183, which is the highest level since Oct 28, 2015 as falling Fed rate hike bets continues to support precious metals.

Prices currently trade around $16.10. The previous cyclical high stands around $16.1353 (Mar 18 high). The sharp rally in Silver began after prices repeatedly found support at 200-DMA earlier this month.

Markets seems convinced that Fed is unlikely to move rates any time soon and that is helping previous metal gain ground.

Silver Technical Levels

The immediate hurdle is seen at $16.197 (Oct 14 high), above which prices could rise to $16.356 (Oct 28 high). On the other hand, a break below $16 would expose $15.80 (Mar 7 high).