Silver Movement
Silver prices rose 0.78% to the USD 24.31 per ounce during the 24 hours ending 23:00GMT, as upbeat Chinese, European and the US manufacturing PMI data bolstered the demand outlook of industrial metal.
In the Asian session, at GMT0300, Silver is trading at 24.16, 0.62% lower from yesterday’s close, as traders cashed out of the market to lock in gains following a strong showing by white metal in last two days.
Silver is expected to find support at 23.94, and a fall through could take it to the next support level of 23.72. Silver is expected to find its first resistance at 24.44, and a rise through could take it to the next resistance level of 24.72.
The white metal is showing convergence with its 20 Hr and 50 Hr moving averages.
