6 Mar 2015
Silver weakens 0.5%
FXStreet (Mumbai) - Silver prices weakened by almost 0.5% to trade at USD 16.087/Oz levels, thereby under performing Gold, which trades largely unchanged at USD 1196/Oz levels.
Silver: Rejected at 5-DMA
The metal faced rejection at the 5-DMA located at USD 16.248/Oz levels, post which losses were extended to the current level of USD 16.087/Oz. The metal could extend the drop later today if the Non-farm payrolls report in the US prints better-than-expected. In such a case a rally in the USD would weigh over metal prices.
Silver Technical Levels
The immediate support is seen at 16.05, under which losses could be extended to 15.941. On the flip side, resistance is seen at 16.248 (5-DMA) and 16.397 (10-DMA) levels.
Silver: Rejected at 5-DMA
The metal faced rejection at the 5-DMA located at USD 16.248/Oz levels, post which losses were extended to the current level of USD 16.087/Oz. The metal could extend the drop later today if the Non-farm payrolls report in the US prints better-than-expected. In such a case a rally in the USD would weigh over metal prices.
Silver Technical Levels
The immediate support is seen at 16.05, under which losses could be extended to 15.941. On the flip side, resistance is seen at 16.248 (5-DMA) and 16.397 (10-DMA) levels.