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Silver ETF extends slide after four straight months of losses

FXStreet (Mumbai) - The precious metals pack has been hit hard by a stupendous rally in the US Dollar leading to a massive fall in the Exchange Traded Funds (ETFs) backed by precious metals.

Silver for December delivery is trading 3.95% lower at USD 15.328/Oz, while Gold for December delivery is trading 2.08% lower at USD 1143.50/Oz. Moreover, the sharp fall in Silver prices has pushed the iShares Silver trust ETF down by 4.13% at USD 14.7250. The ETF has lost 28% since July 2014. As per Bloomberg data, Silver ETP holdings dropped 101.3 tons yesterday, the most since Oct. 8.

iShares Silver Trust Technical levels

The ETF has an immediate support at 14.38, under which prices can fall to 14.03 levels. Meanwhile, the immediate resistance is seen at 15.20 and 15.545 levels. .

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