The silver market has experienced a very fluctuating process during the month of April. The starting point was at 18.23 USD level at the beginning of the month. After the first week of April, the silver prices started to decrease strongly and reached 17.89 USD level on March 10. In addition, we observed a strong recovery with the beginning of the second part of April. The parity reached to 18.60 USD level which was the highest point of the month on April 17. When we look at the technical analysis, we can say the silver market started to lose momentum after this date. So, the parity reached to 17.90 level on April 24. The sales pressure have continued on the global silver market, according to the forex professionals.
Since the beginning of the week, the selling pressure on the silver is continuing this morning and the price is seen at 18.20 level. Despite the loosening of the USD index on a global basis, the tension on North Korea fell to a one-month weighted average, causing some softening in precious metal prices. Silver prices were up from the critical 18.05 level yesterday, causing sales pressure to rise again at the last days of April. Sales pressures on commodity prices have also put silver prices under pressure, and overall sales pressure is dominant. In America, housing starts and industrial production declined. The slowdown in the US economy led to losing momentum in the USD index, but there was not much recovery in the silver bullion.
Technically, 18.60 and 18.80 levels can be followed if silver purchases are priced at the 18.00 level, and 17.80 – 17.90 levels at potential relaxation levels.
- Date: 30 April 2017 Sun 10:55
- Last Added
French Presidential elections are affecting the positive atmosphere on Euro
French Presidential elections are affecting the positive atmosphere on Euro...
Inflation rate is testing record levels in Turkey
Inflation rate is testing record levels in Turkey...
Non-farm payrolls data of the USA increased
Non-farm payrolls data of the USA increased...
Fed's politics interest decision gives direction to the global markets
Fed's politics interest decision gives direction to the global markets...
Oil market is trying to find a direction
Oil market is trying to find a direction at the last times....