Silver Movement
Silver prices rose 0.54% to USD20.79 per ounce during the 24 hours ending 23:00GMT, after reports showed that US Mint sales of the American Eagle one-ounce silver bullion coins hit an annual record on Tuesday. Positive sentiment was also fuelled after Thomson Reuters GFMS recently forecasted that demand for silver coins would rise 19% (YoY) this year.
In the Asian session, at GMT0400, Silver is trading at 20.81, 0.07% higher from yesterday’s close.
Silver is expected to find support at 20.65, and a fall through could take it to the next support level of 20.49. Silver is expected to find its first resistance at 20.95, and a rise through could take it to the next resistance level of 21.08.
The white metal is showing convergence with its 20 Hr and 50 Hr moving averages.
