Silver plunges lower below support, falls to $28.26

FXstreet.com (Barcelona) - Silver spot prices have found themselves under siege Thursday during American trading after the joint forces of optimism surrounding the finality of Cyprus quagmire and strong US GDP data have compounded against the white metal. A waning spot price has made short work of support at 28.50, with prices steadfastly approaching the next measure of correction at 28.20. In these moments, the price of silver is negotiating a price of USD $28.26 per oz.

Until silver falls below the 28.20 support, a sideways trading strategy still holds, though the MACD is firmly negative. Heading into a long weekend for most traders, any recovery in silver will generally be viewed as a positive for the duration of the day.