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17 Mar 2016
Silver clocks 5-1/2 month high
Silver prices rose to a 5-1/2 high of $16.04/Oz as the greenback selling continued in the US session.
Dovish Fed triggered rally
Prices rallied from a low of $15.16 after Fed came out dovish and send the US dollar lower across the board. The pair was trading at a three-month high of $15.95/Oz in the early US session and extended gains to $16.04; the highest level since Oct 28, 2015.
The rally in silver and other precious metal stands exposed to a technical correction in the US dollar.
Silver Technical Levels
The immediate hurdle is seen at 16.198 (Oct 14 high), above which prices could target 16.357 (Oct 28 high). On the other hand, a break below 15.818 (Mar 14 high) would expose support at 15.16 (previous day’s low).
Dovish Fed triggered rally
Prices rallied from a low of $15.16 after Fed came out dovish and send the US dollar lower across the board. The pair was trading at a three-month high of $15.95/Oz in the early US session and extended gains to $16.04; the highest level since Oct 28, 2015.
The rally in silver and other precious metal stands exposed to a technical correction in the US dollar.
Silver Technical Levels
The immediate hurdle is seen at 16.198 (Oct 14 high), above which prices could target 16.357 (Oct 28 high). On the other hand, a break below 15.818 (Mar 14 high) would expose support at 15.16 (previous day’s low).