Silver prices mirror gold in morning recovery

A strong session of profit taking hit the gold and silver price yesterday. This morning markets are staging a recovery.

The silver price is up by 0.28% at $35.17 an ounce.
The gold prices is 0.3% higher on the day at $1416.
Looking at yesterdays precious metal action, silver prices headed lower as broad-based risk aversion, mixed with a bout of profit taking, drove safety-seeking into the US Dollar.
Silver prices underperformed gold, for the first time in five days.  The gold/silver ratio was up 1.5 percent ahead of the opening bell on Wall St.
Technical speaking, silver prices have turned lower from resistance at $36.07 – the 200% Fibonacci extension of January’s downswing – testing through minor trend line support at $35.90.
A break above this barrier exposes larger trend line support at $34.43, a boundary reinforced by Fibonacci extension resistance-turned-support at $34.23.
"Gold prices suffered a severe bout of profit taking yesterday almost reaching 1400 but is bouncing this morning back to 1416.  Clients remain long the precious metal having ridden the recent retracement with a few even adding to long positions," says Simon Denham at Capital Spreads.
So, today it is a question of how far the bounce back can go.

(Source: http://www.economy-news.co.uk/silver-prices-11201103.html)