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4 Mar 2015
Silver weakens marginally
FXStreet (Mumbai) - Silver prices are down marginally, extending the weakness for the third consecutive session. A strong US dollar has weighed over the metal since the beginning of the current week.
Silver: Trades below 50% Fib level
The metal is trading below the 50% Fib retracement level of the up trend from USD 14.35 to USD 18.50 located at USD 16.428. Prices dipped below the same in the previous session after having faced rejection at the 100-DMA located at USD 16.59. Further losses could be seen if the US dollar continues to strengthen ahead of the monthly payroll report in the US due this Friday.
Silver Technical Levels
The metal currently trades at USD 16.30/Oz; down 0.08%. The immediate resistance is seen at 16.428, above which the prices could rise to 100-DMA at 16.59. On the other hand, a break below 16.10 could push the metal lower to 15.94.
Silver: Trades below 50% Fib level
The metal is trading below the 50% Fib retracement level of the up trend from USD 14.35 to USD 18.50 located at USD 16.428. Prices dipped below the same in the previous session after having faced rejection at the 100-DMA located at USD 16.59. Further losses could be seen if the US dollar continues to strengthen ahead of the monthly payroll report in the US due this Friday.
Silver Technical Levels
The metal currently trades at USD 16.30/Oz; down 0.08%. The immediate resistance is seen at 16.428, above which the prices could rise to 100-DMA at 16.59. On the other hand, a break below 16.10 could push the metal lower to 15.94.