Silver Movement
Silver prices declined 0.52% to USD 19.75 per ounce during the 24 hours ending 23:00GMT, amid broad gains in the US Dollar. Silver prices also came under pressure after a leading broker slashed its average price forecast on spot silver by 5% to $19.40 for 2014. The broker further noted that in case of white metal the market would remain in surplus for some time and a weaker gold market would likely weigh on silver prices.
In the Asian session, at GMT0400, Silver is trading at 19.82, 0.35% higher from yesterday’s close.
Silver is expected to find support at 19.64, and a fall through could take it to the next support level of 19.47. Silver is expected to find its first resistance at 19.92, and a rise through could take it to the next resistance level of 20.03.
The white metal is trading just above its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
