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Silver continues to trade range bound, Gold steady at USD 1250

FXStreet (Mumbai) - Silver prices have stabilized in a narrow range since last two weeks, unable to sustain gains above USD 17.50/Oz levels on multiple occasions. Meanwhile, Gold is trading near USD 1250/Oz levels at the time of writing.

Moreover, the previous metals pack is not inspired by a strong US housing data released today. US Existing home sales rose at their fastest pace this year in September. The National Association of Realtors says sales of existing homes rose 2.4 percent to a seasonally adjusted annual rate of 5.17 million.

The precious metals – Gold and Silver- have received some support today due to the rise in the Indian demand for Gold and Silver coins on the auspicious occasion of Diwali festival.

Silver Technical levels

Silver has been stuck in a range of 17.00 to 17.50 levels since Oct 7. The prices may rise to 18.00 levels if the metal manages to breach 17.50 levels. Similarly, the metal may fall to 16.75 levels if the lower end of the range is breached.

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