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27 Mar 2015
Silver rejected near 200-DMA
FXStreet (Mumbai) - Silver prices failed yet another time around the 200-DMA located at USD 17.14/Oz levels.
Back above 5-DMA
Prices are back above 5-DMA located at USD 16.97/Oz levels after having hit a session low of USD 16.92/Oz. The metal weakened today due to the sharp recovery in the US dollar. Being a semi-safe haven asset, prices also weakened due to the signs of stabilization in the major equity markets in Europe.
However, the traditional safe haven Gold has managed to outperform Silver as the yellow metal trades 0.59% lower, compared to the 0.83% drop seen in Silver. Further strength in the USD could lead to more losses in both the previous metals.
Silver Technical Levels
The immediate support is seen at 16.92, under which losses could be extended further to 61.81. On the flip side, resistance is seen at 17.14 (200-MA), above which gains could be extended to 17.40 levels.
Back above 5-DMA
Prices are back above 5-DMA located at USD 16.97/Oz levels after having hit a session low of USD 16.92/Oz. The metal weakened today due to the sharp recovery in the US dollar. Being a semi-safe haven asset, prices also weakened due to the signs of stabilization in the major equity markets in Europe.
However, the traditional safe haven Gold has managed to outperform Silver as the yellow metal trades 0.59% lower, compared to the 0.83% drop seen in Silver. Further strength in the USD could lead to more losses in both the previous metals.
Silver Technical Levels
The immediate support is seen at 16.92, under which losses could be extended further to 61.81. On the flip side, resistance is seen at 17.14 (200-MA), above which gains could be extended to 17.40 levels.