Silver/USD Technical
Analysis Forecast 09/25/2013
Fundamental Analysis:
The prices of precious metals continue its decline due to the negative European economic news has weighed on the euro yesterday.
Indeed, the German Ifo Business Climate index was less than expected.
In addition to the statement of the ECB president Mario Draghi, who said that his institution is ready to use all instruments at his disposal, including a new long-term lending to banks (LTRO), if the interest rates changes required it.
Indeed, the German Ifo Business Climate index was less than expected.
In addition to the statement of the ECB president Mario Draghi, who said that his institution is ready to use all instruments at his disposal, including a new long-term lending to banks (LTRO), if the interest rates changes required it.
This data has pushed the U.S. dollar high against the precious metals in general.
Technical Analysis:
Technically, as we mentioned yesterday in our technical analysis of yesterday . the SILVER / USD
pair traded between
$ 21.90 and $
21.30
and today we expect the pair to continue its downtrend within the Ichimoku cloud toward the $ 21.30 level which represents the Moving Average (100) and he weekly main target will be toward $ 20.37.
and today we expect the pair to continue its downtrend within the Ichimoku cloud toward the $ 21.30 level which represents the Moving Average (100) and he weekly main target will be toward $ 20.37.
