Back
20 May 2013
Silver market collapses in early Asia
FXstreet.com (Barcelona) - The Silver market is being completely slaughter at the open of Asia, when liquidity is the poorest with only New Zealand and Australian markets open.
The price fell 2 full cents in no time in what appears to be a premeditated attempt to depress the value of silver even further by the large institutions. Silver is now at 21.22 after posting a new yearly low at 20.28 from an open at 22.30.
From a weekly perspective, the next key support level comes at the psychological 20.00 round number ahead of 19.50, series of highs from 2009/2010. On the upside, 22.00 should act as new resistance.
The price fell 2 full cents in no time in what appears to be a premeditated attempt to depress the value of silver even further by the large institutions. Silver is now at 21.22 after posting a new yearly low at 20.28 from an open at 22.30.
From a weekly perspective, the next key support level comes at the psychological 20.00 round number ahead of 19.50, series of highs from 2009/2010. On the upside, 22.00 should act as new resistance.