29 Jan 2015
Silver trades below USD 18.00
FXStreet (Mumbai) - Silver prices extended losses from the previous session to trade below USD 18.00/Oz levels due to a strong US dollar.
Silver trades near a technical support
The metal clocked a low of USD 17.70 before recovering slightly to trade at USD 17.80 levels. The prices now hover just above the support at 17.80 (Oct 15 high). Earlier this week, the metal failed to extend gains above the 200-DMA and dipped below the same, while the daily RSI declined from the overbought levels.
Moreover, the fall in Silver is in line with Gold, which too, has dipped below USD 1280/Oz levels after having failed repeatedly to rise above USD 1300 levels.
Silver Technical Levels
The immediate support is located at 17.80, under which losses could be extended to 17.51 levels. Meanwhile, resistance is seen at 18.02 (5-DMA) and 18.15 (200-DMA) levels.
Silver trades near a technical support
The metal clocked a low of USD 17.70 before recovering slightly to trade at USD 17.80 levels. The prices now hover just above the support at 17.80 (Oct 15 high). Earlier this week, the metal failed to extend gains above the 200-DMA and dipped below the same, while the daily RSI declined from the overbought levels.
Moreover, the fall in Silver is in line with Gold, which too, has dipped below USD 1280/Oz levels after having failed repeatedly to rise above USD 1300 levels.
Silver Technical Levels
The immediate support is located at 17.80, under which losses could be extended to 17.51 levels. Meanwhile, resistance is seen at 18.02 (5-DMA) and 18.15 (200-DMA) levels.