12 Jan 2015
Silver struggles near 100-DMA
FXStreet (Mumbai) - Silver prices continue to struggle around the 100-DMA located at 16.5771/Oz levels for the sixth consecutive session as the metal is caught between a strong US dollar and safe haven demand for the precious metal.
The metal currently at USD 16.548/Oz levels, compared to the previous session’s close at USD 16.61/Oz levels. The precious metals pack has been caught between speculation of an early interest rate hike in the US and a rising safe haven demand amid Greek political turmoil. Silver prices have been able to sustain gains despite failing repeatedly to rise above 100-DMA as it receives a positive rub-off from the yellow metal. A technical buying may set-in once the metal takes out the 100-DMA level on the closing basis.
Silver Technical Levels
The immediate resistance is seen at 16.70, above which gains could be extended to 17.03 levels. Meanwhile, support is seen at 16.44 and 16.20 levels.
The metal currently at USD 16.548/Oz levels, compared to the previous session’s close at USD 16.61/Oz levels. The precious metals pack has been caught between speculation of an early interest rate hike in the US and a rising safe haven demand amid Greek political turmoil. Silver prices have been able to sustain gains despite failing repeatedly to rise above 100-DMA as it receives a positive rub-off from the yellow metal. A technical buying may set-in once the metal takes out the 100-DMA level on the closing basis.
Silver Technical Levels
The immediate resistance is seen at 16.70, above which gains could be extended to 17.03 levels. Meanwhile, support is seen at 16.44 and 16.20 levels.