OCT 12 WEDNESDAY
SHORT TERM TREND : BEARISH
LONG TERM TREND : BEARISH
S1 RS 16520 , S2 RS 16380
R1 RS 16880 , R2 RS 17060
SELL AT RESISTENCE.
December silver futures fell 41.5 cents, or 4.1%, to end
at $9.805 an ounce .
A recovery in faltering oil and industrial metals prices on
Monday had helped precious metals to climb, but the recovery
was short-lived as fears over the outlook for the global
economy resurfaced.
With confirmed evidence of a bleak economic outlook in the
Euro Zone and UK, traders and investors prefer to cling to the
U.S. dollar rather than other currencies.
Oil and industrial metals prices slipped, with U.S. crude futures
falling to below $59 a barrel as a slide in global stock markets
refocused attention on the prospect of a downturn.
The dollar, a key external driver of gold, was broadly
supported on Tuesday by weakness in equity prices,
which is prompting investors to seek out the US currency
as a haven from risk.
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