Silver stuck near 50-DMA, Gold recovers to USD 1200
Mumbai-India (Nov 25) The Silver prices are stuck near the 50-DMA level located at USD 16.697, while Gold prices have recovered the post US GDP losses to trade near the USD 1200 mark.
Silver traded 1.20% higher at USD 16.64/Oz levels at the time of writing, while Gold traded 0.20% higher at USD 1999/Oz levels. Both the precious metals had declined post the release of the better-than-expected second estimate of the US Q3 GDP. Silver was down to USD 16.50, while Gold had declined to USD 1190.60 levels.
However, the strong GDP estimate failed to trigger a fresh rally in the US Dollar. Moreover, the treasury market curve flattened out as yields at the short-end edged slightly higher, while the yields at the long-end remained more or less unchanged.
Silver Technical Levels
Silver has an immediate resistance located at 16.697, above which prices may rise to 17.00 levels. Meanwhile, support is seen at 16.59 and 16.50 levels.