Silver Slips Below $21, but Still Above 200-day Moving Average

iNVEZZ.com reported that silver sank 0.66 percent this morning, hitting $20.97 per ounce. That said, the white metal is still 3.1 percent above its 200-day simple moving average.

As quoted in the market news:

It hit $21.27 on Wednesday, its highest level since March 17. The price’s 14-day relative-strength index which had been above the 70 level since June 19, is currently at 69.72. Some technical analysts see a reading above 70 as indicating that the underlying instrument is overbought. The white metal is up 7.4 percent in the year-to-date. Silver faces technical resistance at the $21.3 level, while its immediate support stands at $20.85

Click here to read the full iNVEZZ.com report.