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Silver fails to sustain above 17.438

FXStreet (Mumbai) - Silver has failed to sustain a above the resistance level of USD 17.438/Oz. Prices have declined to USD 17.318/Oz from a day’s high of USD 17.465/Oz.

Silver prices are trading in tandem with Gold prices, which have flattened out ahead of the US Federal Reserve (Fed) minutes. Moreover, Silver is down by more than 19% from July 2014 high of USD 21.58/Oz. Many investors believe that the sell-off has been overdone and the current level is likely to be an interim bottom.

Silver is likely to rally more than Gold today if the US fed minutes fail to prop-up the US Dollar Index, which is trading more or less largely unchanged ahead of the Fed minutes.

Silver technical levels

Silver has a support of 17.1908 (10-day average), while the resistance is located at the yesterday’s high of 17.638.

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