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16 Mar 2015
Silver stuck between 5-DMA and 10-DMA
FXStreet (Mumbai) - Silver prices are trading between the 5-DMA and the 10-DMA located at USD 15.572/Oz and USD 15.7185/Oz levels respectively.
Precious metals decline
Silver, along with Gold, has erased its early gains to trade in the losses. The metal currently trades at USD 15.58/Oz levels, after having declined from the daily high of USD 15.77/Oz. The metal was able to recover above the 5-DMA at USD 15.572/Oz from the intraday low of USD 15.50/Oz levels.
Moreover, the prices failed to strengthen on the weak US data as the equity markets in the US remained resilient with 1% gains. However, losses in Silver may have been capped to some extent due to weakness in the US index, which currently trades 0.58% lower at 100.13 levels. It remains to be seen if the USD remains weak ahead of the FOMC meeting. Precious metals may extend the drop if the markets bid up the US dollar ahead of the FOMC meeting.
Silver Technical Levels
The immediate support is seen at 15.50, under which losses could be extended to 15.28. On the other hand, resistance is seen at 15.77, above which prices could rise to 15.94 levels.
Precious metals decline
Silver, along with Gold, has erased its early gains to trade in the losses. The metal currently trades at USD 15.58/Oz levels, after having declined from the daily high of USD 15.77/Oz. The metal was able to recover above the 5-DMA at USD 15.572/Oz from the intraday low of USD 15.50/Oz levels.
Moreover, the prices failed to strengthen on the weak US data as the equity markets in the US remained resilient with 1% gains. However, losses in Silver may have been capped to some extent due to weakness in the US index, which currently trades 0.58% lower at 100.13 levels. It remains to be seen if the USD remains weak ahead of the FOMC meeting. Precious metals may extend the drop if the markets bid up the US dollar ahead of the FOMC meeting.
Silver Technical Levels
The immediate support is seen at 15.50, under which losses could be extended to 15.28. On the other hand, resistance is seen at 15.77, above which prices could rise to 15.94 levels.