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Silver recovers slightly after four straight weeks of losses

FXStreet (Mumbai) - Silver ended lower on Friday, marking four straight weeks of losses which saw the metal tank more than 25%.

Silver December futures are trading 0.46% up at USD 16.028/Oz levels. Prices have recovered from a low of USD 15.76/Oz, its lowest since February 2010, hit on Friday. The main reason for the fall in the Silver prices is likely to be the rising US Dollar. Silver fell faster than Gold as the yellow metal benefited from the hedge demand during the rout in the equity markets witnessed during the first half of October.

Moreover, Silver also faced rejection on multiple occasion around USD 17.50/-17.60 levels leading to a technical sell-off as well.

Silver Technical levels

Silver has an immediate support located at 15.76, under which prices can fall to 15.00 levels. On the flip side, a strong resistance is seen at 16.64 levels.

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