SILVER

FUNDAMENTALS

Silver also climbed higher following gold as weakness in dollar and firmness in copper supported the metal prices. Silver for December delivery at Comex gained 9.50 cents to close the session at $13.650 an ounce.

Dollar weakened further against euro on Tuesday, as the currency markets couldn’t find any positive news for dollar. The market is also focusing on the forthcoming Fed meeting in month end.  .

However, the silver market ignored the weakness in crude oil prices Tuesday. Crude oil prices declined further on Tuesday on easing tensions between Iraq and Turkey. Geopolitical tensions eased a bit after Turkey and Iraq agreed to cooperate in dealing with the Kurdish rebels in northern Iraq, whose attacks on Turkish soldiers have escalated public pressure on the Turkish government to launch a cross-border military operation. Which in turn capped the gains in precious metals prices to some extent.

TECHNICALS

Long upper shadow of candlestick shows tentativeness at higher levels. The prices closed below short term EMA, which supports bears. MACD is about to enter in negative region. Stochastic is running down supporting bears. The prices are likely to see volatile movements with bearish bias.

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