Analysis | Commodity Market Commentaries |
Written by GCI Financial |
Mon Jan 09 17 02:26 ET
For the 24 hours to 23:00 GMT, Silver declined 0.96% against the USD and closed at USD16.47 per ounce on Friday, tracking losses in gold prices.
In the Asian session, at GMT0400, the pair is trading at 16.50, with the silver trading 0.18% higher from Friday’s close.
The pair is expected to find support at 16.29, and a fall through could take it to the next support level of 16.07. The pair is expected to find its first resistance at 16.69, and a rise through could take it to the next resistance level of 16.88.
The white metal is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average
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