Silver rally seen running out of steam
Silver prices will fall in the short-term as the metal's recent rally appears to be running out of steam, Metal Bulletin's William Adams said.
Silver has climbed about US$2.50 since mid-December, Adams said, peaking at US$18.10/oz on February 16, supported by industrial and investment buying.
The improvement has come in the face of a strengthening US dollar, he added.
"That said, in the short term the latest leg-up is looking tired, the stochastics have swung lower and another show of dollar strength may act as a headwind, so we would not be surprised to see prices consolidate at lower numbers; but we expect dips will be well supported," Adams said.
However, the company remains bullish in the medium term for the metal, he added.
Silver ended at US$17.89/oz in London, down nine cents, and its lowest close since February 15. Gold ended down US$4.10 at US$1,233.20/oz.
The precious metals were under pressure from further US dollar rises, with the greenback gaining around half a cent to about 94.8 euro cents.
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