Silver prices fell 0.56% to USD19.80 per ounce during the 24 hours ending 23:00GMT, hurt by a decline in the offtake pace by industrial units.
In the Asian session, at GMT0400, Silver is trading at 19.71, 0.42% lower from yesterday’s close, as traders were worried that demand in China would be hurt by a slowing economy, after data released today morning showed that activity in China’s factory sector contracted in January for the first time in six months as new orders declined, confirming that a mild slowdown at the end of 2013 has continued into this year.
Silver is expected to find support at 19.59, and a fall through could take it to the next support level of 19.47. Silver is expected to find its first resistance at 19.90, and a rise through could take it to the next resistance level of 20.09.
The white metal is trading below its 20 Hr and 50 Hr moving averages.
