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Silver trades below USD 16.00

FXStreet (Mumbai) - Silver prices have failed to sustain gains above USD 16.00 levels, after ending the previous session at USD 16.20/Oz levels.

Silver is trading 1.62% lower at USD 15.938/Oz levels today, after having struggled repeatedly around USD 16.20 levels. The recovery seen yesterday may have been driven by a bout of profit booking on the short positions. Moreover, Silver is down 16% on the year, while the recent slump has been more than the one witnessed in the Gold prices. A sharp rise in the US Dollar index has pressurized the precious metals pack.

Meanwhile, Commodity Futures Trading Commission (CFTC) data for the week ended Oct. 28 revealed that the money-managers boosted their net-short in silver, pushing it to the highest level since June 3. Their bearish position now stands at 10,321 contracts. The large speculators cut 251 gross longs and added 1,434 gross shorts. Elsewhere, non-commercials added 135 gross longs and 1,638 gross shorts, making them net-short 98 contracts.

Silver Technical levels

Silver has an immediate support at 15.887, under which the prices can fall to 15.74 levels. On the other hand, resistance is seen at 16.14 and 16.20 levels.

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