Karachi, March 18, 2019 (PPI-OT): Silver
Silver markets went back and forth during the course of the week, using the lot of real estate in the process. The markets formed a nice-looking hammer last week, it looks as if it is trying to show signs of stability here. Silver markets went back and forth during the course of the week, showing signs of exhaustion at times, but in general it looks as if it is simply validating the hammer from the previous week. The hammer sits right at the $15.00 level underneath, which is massive support. The market had previously seen a lot of resistance at that area, so it makes sense that the buyers would come in and defend this area. If it break above the candle stick for the week, the market should then go to the $16.00 level. If it reach down towards the $15.00 level underneath, it anticipate that there will be a lot of buyers willing to step in and pick up some value.
Spot silver prices were steadied at $15.28 an ounce
Silver is capable of achieving any noticeable additional gains of its own accord
Silver has followed gold up and back down, was at $15.35
The silver price is likely to climb in 2019, but only because it envisage a rising gold price
The long period of consolidation in the precious metals sector is finally ending
Silver rose more than 1% on Friday for the second consecutive weekly gain, supported by the fall of the US dollar against a basket of currencies, and also supported by the rise in copper prices in the global market.
Silver prices rose 1.3% to trade at $15.37 an ounce from the opening of $15.17, the highest at $15.38 and the lowest at $15.16. Silver ended yesterday’s trading falling 1.7%, with the correction process accelerating from the highest level in two weeks at $15.52 an ounce and under the pressure of slowing investment demand for safe assets.
The dollar index fell more than 0.1% on Friday, continuing its losses for the sixth consecutive day, hitting a two-week low of 96.03 points, reflecting the continued decline of the US dollar against a basket of currencies.
The US dollar continued to fall as economical data in the United States confirmed on Thursday, that there is a growing pressure on the path of growth of the world’s largest economy, weakening the chances that the Federal Reserve will raise US interest rates at least once this year.
The U.S dollar index was 0.24% lower, last at 96.540 and posted its biggest weekly loss since the first week of December. A weaker greenback can be supportive for dollar priced commodities, making them cheaper to holders of other currencies.
Investors are looking ahead to the US economy to release the NYSE Index, which may extend to 10.1 vs. 8.8 in February before the world’s largest industrial producer reading Industrial Production Index Up 0.4% from a decline of 0.6% in January.