For the 24 hours to 23:00 GMT, Silver declined 1.54% against the USD and closed at USD16.63 per ounce, tracking losses in gold prices.
In the Asian session, at GMT0400, the pair is trading at 16.68, with silver trading 0.33% higher against the USD from yesterday’s close.
The pair is expected to find support at 16.51, and a fall through could take it to the next support level of 16.34. The pair is expected to find its first resistance at 16.88, and a rise through could take it to the next resistance level of 17.07.
The white metal is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.