Silver: White Metal Extends Its Fall In The Asian Session

February 28, 2014

Singapore (Feb 28)  Silver prices declined 0.12% to USD 21.26 per ounce during the 24 hours ending 23:00GMT, mirroring losses in the prices of industrial metals. However, tension in Ukraine and a weakness in the US Dollar kept the commodity’s losses in check.

In the Asian session, at GMT0400, Silver is trading at 21.25, 0.07% lower from yesterday’s close.

Silver is expected to find support at 21.04, and a fall through could take it to the next support level of 20.83. Silver is expected to find its first resistance at 21.48, and a rise through could take it to the next resistance level of 21.71.

The white metal is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.

Source: OilNGold

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