Silver Movement
Silver prices declined 3.50% to the USD29.98 per ounce during the 24 hours ending 23:00GMT, as investors exercised caution over negotiations to avert the fiscal cliff in the US.
The white metal has been under heavy selling pressure in recent sessions, in line with fall in industrial metal prices and amid profit booking ahead of the end of the year.
In the Asian session, at GMT0400, Silver is trading at 29.73, 0.83% lower from yesterday’s close.
Silver is expected to find support at 29.14, and a fall through could take it to the next support level of 28.55. Silver is expected to find its first resistance at 30.78, and a rise through could take it to the next resistance level of 31.83.
The white metal is trading below its 20 Hr and 50 Hr moving averages.
