Silver recovers the mark of 28.72, though unable to break sideways trading

FXstreet.com (Barcelona) - Silver spot prices have managed to pare the vast majority of their losses Wednesday, having successfully rebounded off an intraday low of 28.21 earlier during European trading. Having recovered on European concerns, the white metal is now trading at USD $28.72 per oz. in these moments.

Moving forward, the MACD looks positive for silver, following the recovery staged this afternoon during American trading, in which support was tested at the 28.20 level. Looking ahead, silver bears will look to retest the 29.00 level this week, as this level has proved to be a strong psychological resistance.

Mar 27, 2013

Forex: GBP/USD trading negatively at 1.5114/16

The GBP/USD has held fast in negative territory, despite recovering slightly off its European lows (1.5093). However, in recent minutes, the pair is once again threatening the 1.5100 mark, having settled at 1.5114/16 at the time of writing, down -0.28%

Forex Flash: JPY short selling ahead of April 5 BoJ meeting – BNZ

A bout of JPY short covering ahead of the 5 April BoJ meeting has interrupted the JPY uptrend that has been in play since November last year. The JPY continues to be weighed down by expectations of ‘bold easing’ by the new look Bank of Japan. According to the BNZ Research Team, “We expect the staunch ambitions of the BoJ and Japanese government to achieve the new 2% inflation target will keep the JPY on a weakening trend this year. Still, the bulk of the move is behind us.”