Silver – Four-day losing streak stalls in Asia

Silver recovered from the Asian session low of $18.45 to trade around $18.60/Oz levels signaling a possible end to the four-day losing streak.

Eyes 38.2% Fibo

Prices appear on track to test $18.275 (38.2% Fibo retracement of Dec low – July high), especially if the markets begin preparing for a hawkish Yellen speech. As of now, expectations are that Yellen would maintain the data dependent stance.

Meanwhile, pro-precious metal sentiment is slowly losing ground as the northern summer holidays draw to a close.

Silver Technical Levels

The immediate hurdle is seen at $18.82 (5-DMA), which if breached would open doors for $19.367 (23.6% of Dec low – July high). On the lower side, break below Asian session low of $18.45 would expose $18.275 (38.2% of Dec low – July high).