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> Silver Managed to Hold The $16 Support Level Despite Selling Pressure
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Silver Managed to Hold The $16 Support Level Despite Selling Pressure

Exclusive Capital Ltd.

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Silver managed to hold the strong support level of $16/oz, currently trading at $16.10/oz coming off the yesterday lows of $15.95/oz despite the selling pressure amid the rising fear of possible trade war and slow down of the Chinese industrial growth.

The main reason of the collapse of the Silver price from the highs of $17.30/oz in June 14 to yesterday’s lows of $15.95/oz is the fear of a possible trade war between the two largest industrial countries of the world, China and USA which are consuming most of the annual Silver's supply.

The traders are re-balancing their Commodity portfolios by selling Silver contracts or reducing their long positions on the white metal together with the other important industrial metal of Copper during the last weeks amid the possible slow down of the Chinese industrial growth on possible trade war escalation. China alone consumes the 50% of the Silver's global supply based on the rising electronic and electric industry and the booming Photovoltaic sector (Solar Panels) where the metal is the key component.

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Source: https://www.exclusivecapital.com/silver-managed-to-hold-the-16-support-level-despite-selling-pressure/
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