18 Feb 2015
Silver stuck between 50% Fib level and 100-DMA
FXStreet (Mumbai) - Silver prices were rejected at 100-DMA located USD 16.5595, while the losses were capped yesterday at the 50% retracement (14.10-18.47) at USD 16.28 levels.
Precious metals are suffering losses ahead of the US Federal Reserve minutes, which are widely expected to tilt towards a hawkish side. Moreover, markets are bracing-up for hawkish minutes, which is evident from the sharp rise in the US 10-year Treasury yields seen in the previous session. However, Silver, up 0.46% for the day, has been able to outperform Gold, which is up just 0.12%.
Silver Technical Levels
The immediate resistance is seen at 16.5595 (100-DMA), above which the metal could rise to 16.80 levels. On the flip side, a break below 16.28, could push the pair down to 15.766 levels.
Precious metals are suffering losses ahead of the US Federal Reserve minutes, which are widely expected to tilt towards a hawkish side. Moreover, markets are bracing-up for hawkish minutes, which is evident from the sharp rise in the US 10-year Treasury yields seen in the previous session. However, Silver, up 0.46% for the day, has been able to outperform Gold, which is up just 0.12%.
Silver Technical Levels
The immediate resistance is seen at 16.5595 (100-DMA), above which the metal could rise to 16.80 levels. On the flip side, a break below 16.28, could push the pair down to 15.766 levels.