Silver prices advanced today after having capped losses around USD 17.00 for last four trading sessions.
Gains capped at 10-DMA
The gains in the metal have been capped at the 10-DMA located at USD 17.68/Oz levels. The commodity erased losses to recover above the 5-week moving average located at USD 17.473/Oz levels. The prices did hit a high of USD 17.72, although gains above 10-DMA could not be sustained.
Moreover, the metal is largely tracking moves in Gold, a traditional safe haven asset, which has moved higher on concerns of a slowdown in the global economy and tensions in Greece.
Silver Technical Levels
The metal currently trades 2.42% higher at USD 17.668/Oz levels. The immediate resistance is seen at 17.68, above which gains could be extended to 17.73 (hourly 200-MA) levels. Meanwhile, support is seen at 17.533 (hourly 5-MA) and 17.3539 (hourly 100-Ma) levels.
Gains capped at 10-DMA
The gains in the metal have been capped at the 10-DMA located at USD 17.68/Oz levels. The commodity erased losses to recover above the 5-week moving average located at USD 17.473/Oz levels. The prices did hit a high of USD 17.72, although gains above 10-DMA could not be sustained.
Moreover, the metal is largely tracking moves in Gold, a traditional safe haven asset, which has moved higher on concerns of a slowdown in the global economy and tensions in Greece.
Silver Technical Levels
The metal currently trades 2.42% higher at USD 17.668/Oz levels. The immediate resistance is seen at 17.68, above which gains could be extended to 17.73 (hourly 200-MA) levels. Meanwhile, support is seen at 17.533 (hourly 5-MA) and 17.3539 (hourly 100-Ma) levels.
