Silver Movement
Silver prices rose 1.18% to USD 19.79 per ounce during the 24 hours ending 23:00GMT, after an industry report showed that physical silver demand rose 13.0% to reach a record-high level of 1,081.1 million ounces in 2013.
In a noteworthy event, the London Silver Market Fixing Ltd. indicated that it would end its price-setting ritual at the close of 14 August amid rising regulatory scrutiny of price-setting in bullion markets.
In the Asian session, at GMT0300, Silver is trading at 19.77, 0.10% lower from yesterday’s close.
Silver is expected to find support at 19.53, and a fall through could take it to the next support level of 19.29. Silver is expected to find its first resistance at 20.01, and a rise through could take it to the next resistance level of 20.25.
The white metal is trading between its 20 Hr and 50 Hr moving averages.
