13 Feb 2015
Silver gains more than 2%
FXStreet (Mumbai) - Silver prices have outperformed Gold prices to trade higher by more than 2% as the weak USD and an upbeat economic data in the Eurozone supported the semi-safe haven asset.
Eyes 5-week average
Silver is fast approaching the 5-week moving average located at USD 17.433/Oz levels. The metal shot above USD 17.00 levels ahead of the US session, after having breached the hourly 200-average resistance at USD 17.046/Oz levels.
Moreover, the metal being used in industries, received additional support from the upbeat German and Eurozone GDP data. On the other hand, Gold being a traditional safe haven asset, failed to put on a strong performance.
Silver Technical Levels
The metal currently trades at USD 17.26/Oz levels; up 2.77%. The immediate resistance is located at 17.433 (5-week average), above which gains could be extended to 17.72 (Feb. 3rd high). Meanwhile, support is seen at the hourly 200-SMA located at 17.0461, under which losses could be extended to 16.85 (hourly 50-SMA).
Eyes 5-week average
Silver is fast approaching the 5-week moving average located at USD 17.433/Oz levels. The metal shot above USD 17.00 levels ahead of the US session, after having breached the hourly 200-average resistance at USD 17.046/Oz levels.
Moreover, the metal being used in industries, received additional support from the upbeat German and Eurozone GDP data. On the other hand, Gold being a traditional safe haven asset, failed to put on a strong performance.
Silver Technical Levels
The metal currently trades at USD 17.26/Oz levels; up 2.77%. The immediate resistance is located at 17.433 (5-week average), above which gains could be extended to 17.72 (Feb. 3rd high). Meanwhile, support is seen at the hourly 200-SMA located at 17.0461, under which losses could be extended to 16.85 (hourly 50-SMA).