Silver price reversed course on Monday, tumbled over 1.60% as rising US yields dented appetite for the precious metal, which failed to cling to $32.00 a troy ounce.
Silver tumbles 1.60%, trading at $31.67 as rising US yields dampen demand for the precious metal. Technical outlook suggests a possible ‘double top’ formation, with the RSI pointing toward further downside. Key support lies at $31.50, with potential targets at the September 30 low of $30.89 and the 100-DMA at $29.74. A break above $32.00 could lead to a test of the YTD high at $32.95. At the time of writing, the XAG/USD trades at $31.67 after reaching a daily peak of $32.33.
Which factors influence Silver prices? Silver prices can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can make Silver price escalate due to its safe-haven status, although to a lesser extent than Gold's. As a yieldless asset, Silver tends to rise with lower interest rates. Its moves also depend on how the US Dollar behaves as the asset is priced in dollars .
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