Silver Price Gives Back Some Gains

iNVEZZ.com reported that the silver price fell in European trading Monday morning after enjoying substantial gains last week. The news outlet notes that the rally in the metal’s price “had probably got ahead of itself.”

The news that pushed up the silver price last week was of course the US Federal Reserve’s indication that it may raise interest rates in the next few months.

As quoted in the market news:

Silver for immediate delivery was down 0.13 percent to $16.69 per troy ounce as of 06:30 GMT today, with a daily trading range of $16.62 – $16.82. The precious metal added about 7.5 percent last week, reaching a four-week high of $16.89.

‘Both the RSI and MACD have turned bullish, and the ADX has provided further confirmation of the turn,” analysts at Scotiabank said in a note on Friday. “We now look to further gains above $17.00 with a focus on $17.30.’

Meanwhile, silver futures for settlement in May, the most traded contract on the COMEX in New York, were down 1.27 percent at $16.680. The contract gained about eight percent last week, setting a four-week high of $16.890 on Friday.

Click here to read the full iNVEZZ.com report.