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6 Jan 2015
Silver extends gains above 50-DMA
FXStreet (Mumbai) - Silver prices extended gains after having bounced-off from the 50-DMA support located at USD 16.1305/Oz levels.
The metal trades 0.71% higher at USD 16.318/Oz levels, compared to the previous session’s close of USD 16.213/Oz. Silver is largely mimicking the movement in Gold, which gained on risk aversion in the equity markets. However, broader gains in the precious metals pack are being capped by the strong US dollar. Silver prices may extend gains if the US equity markets continue the “risk-off” trading witnessed yesterday.
Silver Technical Levels
The immediate resistance is seen at 16.48, above which gains could be extended to 16.66 levels. Meanwhile, support is seen at 16.29 and 16.1305 (50-DMA) levels
The metal trades 0.71% higher at USD 16.318/Oz levels, compared to the previous session’s close of USD 16.213/Oz. Silver is largely mimicking the movement in Gold, which gained on risk aversion in the equity markets. However, broader gains in the precious metals pack are being capped by the strong US dollar. Silver prices may extend gains if the US equity markets continue the “risk-off” trading witnessed yesterday.
Silver Technical Levels
The immediate resistance is seen at 16.48, above which gains could be extended to 16.66 levels. Meanwhile, support is seen at 16.29 and 16.1305 (50-DMA) levels