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Silver stuck at a technical resistance

FXStreet (Mumbai) - Silver prices are stuck near a technical resistance of USD 17.68-17.72/Oz since last six trading sessions. The metal has lost more than 15% from July 2014 and appears poised for a relief rally.

On Fundamental side, rise in Gold prices will be supporting Silver. According to metals focus, “Silver should trade in a range of $18.50 to $21.60 till year end.” It adds, “ Should the gold price pick up towards the year end as many expect, then the silver price should rise even more sharply generating far better returns.”

Silver is trading 0.91% higher today at USD 17.502/Oz levels. We could see Silver prices re-testing USD 17.67/Oz levels today if the US Equities fall thereby pushing gold prices higher.

Silver Technical levels

Silver has an immediate resistance of 17.68, above which prices can test 17.99 levels. On the downside, prices can fall to 17.19 levels if the metal fails to sustain at current level of 17.51.

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