Silver Movement
Silver prices declined 1.76% to USD 31.54 per ounce during the 24 hours ending 23:00GMT, as greenback strengthened. Silver prices were further weighed down on demand concerns after reports showed that Chinese silver imports dropped 26% (YoY) in October and the total inflow in the first 10 months of the year dropped 28%.
In the Asian session, at GMT0400, Silver is trading at 31.2475, 0.91% lower from yesterday’s close.
Silver is expected to find support at 30.54, and a fall through could take it to the next support level of 29.82. Silver is expected to find its first resistance at 32.11, and a rise through could take it to the next resistance level of 32.98.
The white metal is trading between its 20 Hr and 50 Hr moving averages.
