Silver declined 0.04%, to $14.85 an ounce on firm dollar
|- March silver declined 0.04%, to $14.85 an ounce.
- March palladium fell $4.80, or 0.4%, to $1,189.70 an ounce on Thursday after settling at a record $1,194.50 an ounce yesterday.
Supported by the news that China will reduce tariffs on imported autos, Palladium markets were sharply higher yesterday with the palladium market making a fresh new all-time high. However, precious metals have declined from overnight prices on dollar strength with the DXY holding grounds on the 97 handle.
Silver has been tracking the dollar's performance and Sino/US trade relations. Risk sentiment got a boost on the news that the 'Made in China 2025' has been put on the backburner by China as the two sides appear to be very committed to reaching a trade deal this time around. President Trump indicated he would intervene in the arrest of Huawei’s chief financial officer Meng Wanzhou if it would help ensure a trade deal with China. China also made the first big US soybean purchase since the Trump-Xi tariff war truce made.
With respect to precious metals, analysts at TD Securities think that 'the complex may need more certainty that the Fed will not move towards restrictive policy next year before prices move substantially higher'.
Silver levels
- Support levels: 14.61 14.46 14.35
- Resistance levels: 14.86 14.96 15.11
The 4hr indicators are positive with the price perched above the pivot line of 14.71. Bulls have targeted R1 at 14.86 and RSI has room to go before oversold territory and the price recently breaking the 4hr 100-SMA down at 14.61. On the flip side, a break of the 4hr 10 SMA at 14.54 opens downside risk for a test of the confluence the 21-4hr SMA at 14.44 ahead of in S3 at 14.35.
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.