Silver drops almost 1%

10 February 2015, 10:20
Andrius Kulvinskas
0
109
Silver prices declined despite gains in Gold amid risk aversion due to Greek fears and escalating tensions in Ukraine. 

Trades below hourly 50-SMA

Prices fell below the hourly 50-SMA level located at USD 16.92, after the metal faced rejection at the 10-DMA located at USD 17.07 levels. Moreover, a sharp rise in the 10-year Treasury yields to 1.995%, helped the USD index recover from the low of 94.45 to trade at 94.72 levels. The recovery in the USD index weakened Silver prices. 

However, losses could be reversed if the Greek issue escalates further along with violence in Ukraine.

Silver Technical Levels

The immediate support is seen at 16.75 (50-DMA), under which losses could be extended to 16.58 (100-DMA). Meanwhile, resistance is seen at 17.07 (10-DMA) and 17.30 (Jan. 30th High).
Share it with friends: