Silver: Silver Trading Reverses Its Previous Session Gains

Silver prices rose 0.54% to the USD32.21 per ounce during the 24 hours ending 23:00GMT, taking cues from yellow metal to trade on a positive note. Also industrial metals and base metals traded in the green after easing by the Bank of Japan and expectations for more positive data in the US and China. With the global economy on the mend, market participants speculated that the need for industrial metals would continue to grow. In the Asian session, at GMT0400, Silver is trading at 32.17, 0.11% lower from yesterday’s close. Silver is expected to find support at 31.88, and a fall through could take it to the next support level of 31.59. Silver is expected to find its first resistance at 32.40, and a rise through could take it to the next resistance level of 32.63. The white metal is trading above its 20 Hr and 50 Hr moving averages.