Silver: White Metal Snaps Losses In The Morning Session

March 5, 2014

Singapore (Mar 5)  Silver prices declined 1.28% to USD21.17 per ounce during the 24 hours ending 23:00GMT, as easing concerns over Ukraine crisis dampened the demand-outlook of safe-haven assets. Separately, media report anticipated a fall in the shipment of silver to India amid speculation that possible easing of gold imports could hit demand of silver as an alternative asset.

In the Asian session, at GMT0400, Silver is trading at 21.23, 0.25% higher from yesterday’s close.

Silver is expected to find support at 21.00, and a fall through could take it to the next support level of 20.77. Silver is expected to find its first resistance at 21.49, and a rise through could take it to the next resistance level of 21.76.

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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