Karachi, March 08, 2019 (PPI-OT): Silver
Silver markets fell yesterday, reaching down towards the $15.00 level during the day as the US dollar picked up strength, and the Euro of course fell. There is a major stabilizing factor at the 1.12 level in the EUR/USD pair, so the pair bounced a bit, and that relieved some of the pressure on silver as the dollar gave back strength. At the same time, the silver market was sitting just above the $15.00 level, which of course is a major figure, and an area where it had seen massive resistance previously. Overall, it’s very likely that silver will rally though, and as long as it can stay above the $14.90 level, it’s very likely that silver will continue to go higher. However, if it drop down below that level, it probably will reach down towards the $14.50 level eventually. Silver will hold its value, but obviously it has some volatility ahead of us with the jobs number coming out on Friday.
Silver fell 0.32 percent to $15, it touched a low of $14.96, its weakest since the end of December
Precious metals prices, including silver, fell during today’s trades amid concerns about slowing global economic growth
Silver prices lost 0.4%, the fifth loss in the last six days, also under the pressure of the rise of the US dollar
Silver have a lot of work here to prove that they have found support and a new bottom
May Comex silver was last down $0.05 at $15.035 an ounce
Silver prices dipped to nine-week lows overnight. A rally in the U.S dollar index, which hit a 2.5-month high today, pressured the precious metals markets. However, the safe-haven metals saw limited selling as the U.S stock market sold off today.
Silver under heavy pressure for the last couple of weeks, they appear to be fighting to hold onto major support. The patterns are a little weak, but they are certainly giving support the old college try.
The price of silver fell on the European market yesterday to continue its losses for the second day in a row, reaching a new low in three months, due to the strong performance of the US dollar against a basket of currencies, pending the results of the European Central Bank monetary policy meeting.
Silver prices fell more than 0.1% to trade at $15.04 an ounce from the opening of $15.06, the highest of $15.10 and the lowest since December 27th of $15.01. The strong performance of the US dollar comes amid rising demand for the US currency as the best investment currently in the foreign exchange market.
The dollar index rose 0.1%, continuing its seventh consecutive day of gains, approaching a three-week high of 96.93 points, reflecting the continued strong performance of the US currency against a basket of global currencies.
Investors headed towards the US currency as a safe haven as the dollar index against a number of major currencies rose by 0.8% to 97.5 points at, reaching a high of 97.5 points and a low of 96.8 points.