Silver, The Devil’s Metal, Support And Resistance

Posted by: : Paul EbelingPosted on: October 7, 2013 Silver, The Devil's Metal, Support And Resistance

Friday, Silver prices rose 0.37% to 21.76 during the period ending 21:00 GMT, as an enhanced outlook for the demand of the industrial metals, boosted the demand for the Devil’s metal. But, the gains were kept in check, as the US Dollar (DXY) gained ground against major peers.

In the Asian session, at GMT0300, Silver is trading at 21.72, 0.18% lower from Friday’s close.

Silver is expected to find 1st support at 21.51, a break there could take it to the next support mark at  21.30.

Silver is expected to find its 1st resistance at 21.92, and break there could take it to the next resistance mark at 22.13.

Silver is showing convergence with its 20 Hr and 50 Hr MAs.

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Paul Ebeling

Pattern Recognition Analyst, equities, commodities, forex
Paul Ebeling is best known for his work as writer and publisher of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly-regarded, weekly financial market letter, where he enjoys an international audience among opinion makers, business leaders, and respected organizations. Something of a pioneer in online stock market and commodities discussion and analysis, Ebeling has been online since 1994. He has studied and worked in the global financial and stock markets since 1984.
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