Silver Movement
Silver prices declined 0.61% to USD 19.50 per ounce during the 24 hours ending 23:00GMT, amid a broad decline in the prices of industrial metals. Yesterday, a leading research firm projected silver prices to decline 14% and average to $20.37 an ounce in 2014, recording a fall for the third straight year as investors continue to invest in equities and property.
In the Asian session, at GMT0300, Silver is trading at 19.47, 0.13% lower from yesterday’s close.
Silver is expected to find support at 19.34, and a fall through could take it to the next support level of 19.21. Silver is expected to find its first resistance at 19.60, and a rise through could take it to the next resistance level of 19.72.
The white metal is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
