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24 Feb 2015
Silver hovers near Fibo level
FXStreet (Mumbai) - Silver prices hovering just above the 50% Fib level (USD 14.10 to USD 18.47) located at USD 16.29/Oz levels. Silver prices are trading moderately up by 0.14% at USD 16.32/Oz levels.
Silver: Stuck at 100-DMA
Prices failed to take out the 100-DMA located at USD 16.5237/Oz levels in the previous session. Silver has failed repeatedly for the last four trading sessions to rise above the same. The safe haven assets have come under pressure as uncertainty surrounding Greek debt deal continued to fade away. Meanwhile, the strength in the USD index ahead of the Fed chair Janet Yellen is also capping gains in Silver.
Silver Technical Levels
The immediate resistance is seen at 16.5237 (100-DMA), above which gains could be extended to 16.805 (38.2% Fib retracement). On the flip side, support is seen at 16.18 and 15.90 levels.
Silver: Stuck at 100-DMA
Prices failed to take out the 100-DMA located at USD 16.5237/Oz levels in the previous session. Silver has failed repeatedly for the last four trading sessions to rise above the same. The safe haven assets have come under pressure as uncertainty surrounding Greek debt deal continued to fade away. Meanwhile, the strength in the USD index ahead of the Fed chair Janet Yellen is also capping gains in Silver.
Silver Technical Levels
The immediate resistance is seen at 16.5237 (100-DMA), above which gains could be extended to 16.805 (38.2% Fib retracement). On the flip side, support is seen at 16.18 and 15.90 levels.