Silver Rises, Avoiding US Dollar Pressure

iNVEZZ.com reported that silver was up sharply in Monday morning trading as strong physical demand for the metal counteracted US dollar pressure.

As quoted in the press release:

Silver for immediate delivery had risen nearly two percent, or 30 cents, to $16.02 as of 06:31 GMT, and was trading close to one percent below its 50-day simple moving average of $16.18. The precious metal recovered losses incurred earlier during the day and has risen for a second straight session.

The price of silver for March delivery had risen 23 cents, or 1.48 percent, to $16.03 as of 06:33 GMT. Scotiabank wrote in a report from Friday that even though the downtrend is still intact ‘momentum has been weak and the recent price low in the $14.28 area was not matched by a new low in RSI. This low remains the level of support, with resistance at the recent high of $17.32.’

Click here to read the full iNVEZZ.com report.