Silver prices ended lower tracking weakness in base metals and crude prices.
Greece's struggle to avoid a sovereign-debt default was kicked into high gear Friday, after European leaders withheld approval for a second bailout, demanding proof of the country's commitment to austerity.
The Greek Parliament must approve the new budget-cutting measures in order to receive €130 billion ($172.72 billion) in rescue funds.
The news roiled broader markets as Greece is facing a massive €14.4 billion in bond redemptions in March, and will likely default on the debt without the rescue package.
Bullion posted a second straight weekly loss, as a lack of concrete steps to avert a ruinous Greek default more than offset a rally earlier this week fueled by the U.S. Federal Reserve's long-term outlook for near-zero interest rates.
The Gold Silver ratio should push lower. The past three Friday’s has seen the ratio close near current 51.27. Down side support is at October low 49.33 with resistance back at 52.50.
Now technically market is trading in the range as RSI for 18days is currently indicating 59.96, where as 50DMA is at 54088.22 and Silver is trading above the same and getting support at 56796 and below could see a test of 56716 level, And resistance is now likely to be seen at 56953, a move above could see prices testing 57030.
Trading Ideas:
Silver trading range for the day is 56716-57030.
Silver prices ended lower tracking weakness in base metals and crude prices
Risk aversion drove down industrial commodities such as silver and copper, as investors favored safe-haven U.S. Treasuries
Losses were limited as liquidity improved a day after CME Group, lowered trading margins
Courtesy: Kedia Commodities
Looking for Agri Research? Visit research.commodityonline.com
