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Silver Intraday Downside Risks Persist

 

Last Friday, spot silver fell 0.4% on day to $24.61, because the three major U.S. stock indices closed mixed. The bearing metal was down for a second straight session, erased some gains made earlier within the week.


This week, investors would specialise in the U.S. September durables orders (+0.5% on month expected) and October Consumer Confidence Index (101.9 expected), both due on Tuesday. Also, the primary estimate of U.S. 3Q annualized GDP are going to be released on Thursday (+31.8% on quarter expected).



From a technical point of view, spot silver's downside risks persist as shown on the 1-hour chart. Currently, it's broken below a rising line drawn from October 6, while the 20-period and 50-period moving averages have turned downward. the extent at $24.86 could be considered because the nearest resistance, with 1st and 2nd support expected to be located at $23.95 and $23.55.


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