Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Silver May Extend Slide to Lowest Since June: Technical Analysis

Nov. 20 (Bloomberg) -- Silver, which slid the past three weeks in the worst run since July, may drop to the lowest level since June, according to technical analysis by MIG Bank.

Prices fell last week below a “key support” level at about $20.50 an ounce last seen on Aug. 9. The metal may drop toward about $18.23, the lowest since June 28, said Luc Luyet, a senior analyst at MIG in Lausanne, Switzerland.

“The short-term technical structure is negative as long as prices remain below the resistance at $20.92,” Luyet wrote in a report yesterday. “The break of the key support at $20.50 favors a move towards the next key support at $18.23.”

Silver for immediate delivery traded at $20.4335 by 6:17 a.m. in London and reached $20.2254 yesterday, the lowest since Aug. 9. Prices slid 33 percent this year as some investors lost faith in precious metals as a store of value. It’s the second-worst performer, after corn, in the Standard & Poor’s GSCI gauge of 24 commodities.

In technical analysis, investors and analysts study charts of trading patterns and prices to predict changes in a security, commodity, currency or index.

To contact the reporter on this story: Agnieszka Troszkiewicz in London at atroszkiewic@bloomberg.net

To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.