Silver futures up sharply, track gold prices higher
Investing.com
Published Apr 22, 2013 04:25AM ET
On the Comex division of the New York Mercantile Exchange, silver futures for May delivery traded at USD23.30 a troy ounce during European morning trade, up 1.5% on the day.
Comex silver prices rose by as much as 2% earlier in the session to hit a daily high of USD23.55 a troy ounce. Prices fell to a 30-month low of USD22.01 a troy ounce on April 16.
Silver prices were likely to find support at USD22.03 a troy ounce, the low from April 16 and near-term resistance at USD23.85, the previous session’s high.
Silver futures have lost nearly 16%, or almost USD4.30 per ounce, since April 12, as investors exited the market after prices broke below key support levels.
Prices of the silver metal are down nearly 53% since hitting an all-time high of USD49.81 an ounce in April 2011.
Silver has been on the decline given “weak industrial demand and mixed investor interest,” analysts at Barclays wrote in a research note last week.
Market analysts have warned that a drop below the USD22.00-level can lead to further losses in the near-term.
Elsewhere on the Comex, gold for June delivery rose 1.9% to trade at USD1,422.45 a troy ounce, while copper for May delivery dropped 1.4% to trade at USD3.105 a pound.
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Written By: Investing.com
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