White Metal Reverses Its Direction In The Asian Trading Hours

Singapore (Feb 19)  Silver prices rose 0.33% to USD 21.94 per ounce during the 24 hours ending 23:00GMT and recorded its longest rally in almost 45 years, amid rising haven demand and a broad decline in the US Dollar.

In the Asian session, at GMT0400, Silver is trading at 21.73, 0.97% lower from yesterday’s close.

Silver is expected to find support at 21.35, and a fall through could take it to the next support level of 20.97. Silver is expected to find its first resistance at 22.08, and a rise through could take it to the next resistance level of 22.44.

The white metal is showing convergence with its 20 Hr and 50 Hr moving averages.

(Source:  OilnGold)