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Kenny Fisher

Silver has recorded considerable losses in the Thursday session. Currently, silver is trading at $15.83, down $0.93 or 5.56% on the day.

Silver Falls Below $16 After U.S. Travel Ban

Silver managed to remain steady for two days, but has resumed its losing ways on Thursday. The metal has fallen over 5 percent, after U.S. President Trump announced a ban on foreign travelers from Europe, with the exception of the UK. The ban is in effect for 30 days, and is in response to the coronavirus outbreak, which has now killed 33 people in the U.S. The move has sent global stock markets sharply lower on Thursday, and silver prices have also lost ground. Earlier in the day, silver fell to a daily low of $15.75, its lowest level since July 2019. Silver had already lost ground before Trump’s travel ban, after the World Health organization called the coronavirus a pandemic, which means a disease that is spreading in multiple countries around the world at the same time. Meanwhile, Italy has toughened its measures to combat the virus, announcing the closure of all shops except food shops and pharmacies. The country has already imposed severe travel restrictions on the entire population, in a desperate effort to contain the virus.

 

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Silver Technical Analysis

Silver has declined on Thursday and is testing support at the 15.60 line. Below, we find support at the round number of 15.00, followed by a support line at 14.20. On the upside, the line of 16.30 has some breathing room in resistance. Above, we have resistance at 16.90, followed by the 2000-day EMA line at situated at 17.08.

Silver 1-Day Chart
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