5 Jan 2015
Silver capped near 50-DMA
FXStreet (Mumbai) - Silver prices advanced today, although gains were capped near the 50-DMA located at USD 16.1413 levels.
The metal currently trades 1.24% higher at USD 15.963/Oz levels. Prices have been able to hold on to the gains above the 5-DMA and the 10-DMA located at USD 15.819 and USD 15.914 levels respectively. However, broader gains have been capped due to the strength in the US dollar. The USD index has gained 0.45% to trade at 91.88 levels. Moreover, the increased speculation of a sooner-than-expected interest rate hike in the US has weighed over the precious metals pack.
Silver Technical Levels
The immediate resistance is seen at 16.1412 (50-DMA), above which gains could be extended to 16.33 levels. Meanwhile, support is seen at 15.9135 (10-DMA) and 15.817 (5-DMA) levels.
The metal currently trades 1.24% higher at USD 15.963/Oz levels. Prices have been able to hold on to the gains above the 5-DMA and the 10-DMA located at USD 15.819 and USD 15.914 levels respectively. However, broader gains have been capped due to the strength in the US dollar. The USD index has gained 0.45% to trade at 91.88 levels. Moreover, the increased speculation of a sooner-than-expected interest rate hike in the US has weighed over the precious metals pack.
Silver Technical Levels
The immediate resistance is seen at 16.1412 (50-DMA), above which gains could be extended to 16.33 levels. Meanwhile, support is seen at 15.9135 (10-DMA) and 15.817 (5-DMA) levels.