EN:Palladium, silver prices to head higher says Delta
The silver price is 0.8% up on the day at 35.73.
Delta Index have this morning suggested that the spot silver price could be headed higher after noting a bullish MACD crossover on the companies charts.
Delta have called a Buy at 3557, a stop loss at 3388 and an initial target price at 3890.
Another precious metal, palladium, is also called higher:
Yesterday saw both gold and silver prices head higher.
David Morrison at GFT comments:
"It is interesting that the rallies in both precious metals are positively correlated with the US dollar. Often, gold and silver get lumped in with a broad group of dollar-denominated commodities.
"Usually, a rising dollar leads to falls across dollar-denominated commodities as they became more expensive for non-dollar holders to buy. But precious metals have decoupled from this grouping and are currently being used as a safe-haven, in much the same way as the US dollar itself. Today, investors are coming out of the euro following its sharp rally after Greece avoided an immediate default on its debt. But Greece is still in trouble, and now the problems in Ireland and Portugal are about to swing back into focus.
"On top of that, ratings agency Moody's warned overnight that problem loans to China's local governments were worse than previously thought. Moody's said that it had discovered a potential $540 billion of local government debt that Chinese auditors failed to mention in their last report."
