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23 Jan 2015
Silver falls to 200-DMA
FXStreet (Mumbai) - Silver prices fell to 200-DMA located at USD 18.18/Oz levels after having failed to rise above USD 18.50 in previous two sessions.
The metal currently trades 0.67% lower at USD 18.237/Oz levels; slightly up fr om the day’s low of USD 18.18. Silver prices have taken a hit due to a sharp rise in the USD index after the European Central Bank announced an expansion of the monetary stimulus program yesterday. The USD index surged to 95.00 levels today, thereby weakening the metal prices. Overall, the precious metals pack is taking a beating due to the strength in the USD. Gold prices too, have weakened 0.48% to trade at USD 1294.10/Oz levels.
Silver Technical Levels
The immediate resistance is seen at 18.30 and 18.47 levels. On the other hand, a break below the 200-DMA located at 18.18 shall open doors for a re-test of 18.03 (5-DMA) levels.
The metal currently trades 0.67% lower at USD 18.237/Oz levels; slightly up fr om the day’s low of USD 18.18. Silver prices have taken a hit due to a sharp rise in the USD index after the European Central Bank announced an expansion of the monetary stimulus program yesterday. The USD index surged to 95.00 levels today, thereby weakening the metal prices. Overall, the precious metals pack is taking a beating due to the strength in the USD. Gold prices too, have weakened 0.48% to trade at USD 1294.10/Oz levels.
Silver Technical Levels
The immediate resistance is seen at 18.30 and 18.47 levels. On the other hand, a break below the 200-DMA located at 18.18 shall open doors for a re-test of 18.03 (5-DMA) levels.