OUNCE PRESSURE CONTINUES ON SILVER PRICES
Following the positive news flow in the markets regarding the Covid-19 vaccine, there was a significant increase in risk appetite. After Pfizer and Biontech, AstraZeneca and Oxford University announced that vaccine candidates were effective up to 90 percent, and the third vaccine candidate increased the optimism in the markets. Thus, while the indices completed the day in the positive zone, a sudden sales pressure occurred in Ounce Silver prices with the decrease in demand for precious metals. On the other hand, after the announcement of the manufacturing PMI in the USA at the highest level of 74 months, a valuation movement occurred in the dollar index.
The service PMI figure was slightly above expectations in November. Following this development, with the decrease in Ounce Silver prices, pricing below 6.0 level occurred in Gram Silver prices. On the other hand, it is seen that the upward trend in US 10-year bond yields also symbolizes the exit from safe-havens.
If we look at the technical picture of Gram Silver prices, it is seen that the prices that dropped below the 6.0 level maintained their downward momentum. Especially, the decreases can be expected to accelerate the attacks towards the 5.55 and 5.35 support levels, together with the 5.80 level. In a possible recovery momentum, we primarily follow the closures above 6.0. With this level, the buy potential may increase with the resistance levels 6.20 and 6.45.