Silver Poised for Biggest Weekly Fall in Six Months

iNVEZZ.com reported that silver, which has fallen about 5 percent thus far this week, is set to take its biggest weekly fall since September 2013.

As quoted in the market news:

As a result of the convergence of bearish factors, silver has now fully retraced its breakout from 14 February.

‘The metal is now sitting back in the range that traded from late November through mid-February, and is poised for further weakness’, opine technical strategists at ScotiaMocatta – the bullion arm of Scotiabank and a market-maker on the London Bullion Exchange. ‘Resistance is at 20.64, the top of that range, with the target being a test of the bottom at 18.83.’

Right now, silver is trading at around $20.385 an ounce, up 0.07 percent intraday.

Click here to read the full iNVEZZ.com report.