Silver attempting break above 5-DMA
|Corrective move in Silver gathered pace in Asia, however, 5-DMA hurdle of $18.66 is proving to be a tough nut to crack.
Eyes Yellen speech
It’s a judgment day of sorts for precious metals pack – Gold and Silver - as they are highly sensitive to Us interest rates. Falling Fed rate hike bets and negative bond yields in Europe and Japan forced investors to buy gold and silver in first half of this year.
Note that these metals offer zero yield and hence could take a hit in case Yellen is massively hawkish in her speech at Jackson Hole Symposium later today. Silver was last seen trading around $16.63/Oz levels.
Silver Technical Levels
Breach of immediate resistance at $18.66 (5-DMA) would open doors for $19.15 (10-DMA), above which supply around $19.43 (50-DMA) could be tested. On the lower side, breach of $18.45 (Asian session low) would shift risk in favor of drop to $18.27 (38.2% of Dec low – July high) and $18.00 (zero figure).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.