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23 Feb 2015
Silver trades below 50% Fib level
FXStreet (Mumbai) - Silver prices fell below the 50% Fib retracement level of the uptrend from USD 14.10 to USD 18.47 located at USD 16.295/Oz level.
The precious metals are taking a beating, with Silver down 0.69% at USD 16.20/Oz levels. Meanwhile, Gold is down 1.01% at USD 1192.70/Oz levels. A strong US dollar, coupled with fading uncertainty regarding the Greek debt deal pressurized the precious metal prices. Silver prices had hit a high of USD 16.36 before falling below the 5-DMA located at USD 16.30.
Silver Technical Levels
The immediate resistance is seen at 16.29, above which prices could rise to 16.52 (10-DMA). On the flip side, support is seen at 16.00 and 15.77 levels.
The precious metals are taking a beating, with Silver down 0.69% at USD 16.20/Oz levels. Meanwhile, Gold is down 1.01% at USD 1192.70/Oz levels. A strong US dollar, coupled with fading uncertainty regarding the Greek debt deal pressurized the precious metal prices. Silver prices had hit a high of USD 16.36 before falling below the 5-DMA located at USD 16.30.
Silver Technical Levels
The immediate resistance is seen at 16.29, above which prices could rise to 16.52 (10-DMA). On the flip side, support is seen at 16.00 and 15.77 levels.