20 Jan 2015
Silver trades at 4-month highs
FXStreet (Mumbai) - Silver prices advanced today to trade at a level four-month highs as concerns of global growth slowdown pushed the precious metals higher.
The metal currently trades 0.83% higher at USD 17.898/Oz, compared to the previous session’s close at USD 17.703/Oz levels. Prices clocked a high of USD 18.045/Oz levels before settling lower. Moreover, Silver continues to under perform Gold prices, mainly due to its usage in industrials. The metal may extend gains to its 200-DMA located at USD 18.195, if the markets turn risk averse due to weak global growth forecasts.
Silver Technical Levels
The immediate resistance is seen at 18.045, above which gains could be extended to 18.1915 (200-DMA) levels. Meanwhile, support is seen at 17.612 (5-DMA) and 17.25 levels.
The metal currently trades 0.83% higher at USD 17.898/Oz, compared to the previous session’s close at USD 17.703/Oz levels. Prices clocked a high of USD 18.045/Oz levels before settling lower. Moreover, Silver continues to under perform Gold prices, mainly due to its usage in industrials. The metal may extend gains to its 200-DMA located at USD 18.195, if the markets turn risk averse due to weak global growth forecasts.
Silver Technical Levels
The immediate resistance is seen at 18.045, above which gains could be extended to 18.1915 (200-DMA) levels. Meanwhile, support is seen at 17.612 (5-DMA) and 17.25 levels.