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Silver can't escape macro pressures – continues secular downtrend (Part 2 of 2) (Continued from Part 1) Falling wedge pattern
The falling wedge pattern could be seen in the May silver futures contracts. Silver prices were trading at the lower part of the wedge pattern on March 10, 2015. Prices are experiencing downward pressure due to the appreciating dollar and weak industrial demand.
Pivot points for silver
Bearish sentiments are ruling the precious metals market. Silver may break the nearest support of $15.50 per ounce. The support was formed by prices hitting this mark in November 2014. There are limited chances for a rise in silver prices—unless any positive news drives the prices higher. Bullish traders could see resistance levels at $16.50 per ounce. Prices hit this level several times in February.
The falling wedge pattern in the silver price chart suggests that a downward breakdown could push prices to levels of $14.50 per ounce. Otherwise, prices could trade between $15.50 and $16.50 per ounce in the near term. Bullion market sentiments will be down due to the rising dollar. This will make the commodities expensive.
The RSI (relative strength index) and MACD (moving average convergence divergence) are technical indicators. The RSI suggests that the price could move higher. The MACD suggests that prices could fall more.
Lower silver prices impact silver companies’ margins—like First Majestic Silver Corp. (AG), Silver Wheaton Corp. (SLW), and Pan American Silver Corp. (PAAS). They also affect silver ETFs like the iShares Silver Trust (SLV) and the ProShares Ultra Silver ETF (AGQ).
For the latest updates, visit Market Realist’s Gold ETFs page.
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Pan American Silver Corp.
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PRODUCER |
CODE : PAAS |
ISIN : CA6979001089 |
CUSIP : 697900108 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Pan American Silver is a silver producing company based in Canada. Pan American Silver produces silver, copper, gold, lead and zinc in Argentina, in Bolivia, in Mexico and in Peru, develops gold and silver in Mexico, and holds various exploration projects in Argentina and in Mexico. Its main assets in production are QUIRUVILCA MINE, HUARON and MOROCOCHA in Peru, LA COLORADA, ALAMO DORADO, LLUVIA DE ORO and DOLORES MINE in Mexico, SAN VICENTE in Bolivia and MANANTIAL ESPEJO in Argentina, its main asset in development is LA PRECIOSA in Mexico and its main exploration properties are ORO BLANCO, EL DURAZNO, SAN ANTONIO ORO BLANCO, SANTA LUCIA, REAL VIEJO, PLANCHAS DE PLATA, LA DURA, LA RESERVA / EL CORREO, LA VIRGINIA GOLD/SILVER, LA CRUZ and LA BOLSA in Mexico, FLAMINGO, ESPEJO, REGALO, NAVIDAD, CALCATREAU, HOG HEAVEN, WATERLOO and LOMA DE LA PLATA (NAVIDAD) in Argentina, RIVER VALLEY PGM in Canada and PICO MACHAY in Peru. Pan American Silver is listed in Canada, in Germany and in United States of America. Its market capitalisation is US$ 2.9 billions as of today (€ 2.5 billions). Its stock quote reached its lowest recent point on November 07, 2008 at US$ 10.01, and its highest recent level on April 17, 2024 at US$ 18.90. Pan American Silver has 153 176 265 shares outstanding. |