Silver Movement
Silver prices declined 11.72% to USD34.64 per ounce during the 24 hours ending 23:00GMT, after the CME Group, owner of Comex and Nymex, late Wednesday, announced fourth and fifth increase in margin requirements since 26 April 2011.
In the Asian session at 3:00GMT, silver is trading at USD35.46 per ounce, 2.37% higher, from 23:00GMT.
The first level of short term resistance on the upside is at 38.62, followed by 41.77. The pair is expected to find support at 33.27, with the subsequent support level at 31.07.
The white metal is trading just below its 20 Hr and 50 Hr moving averages.
