Silver price advances toward 11-month high at $26.14 as the US Dollar weakens. Fed’s projections for three rate cuts this year remain unabated. The market sentiment turns bullish on higher expectations for the Fed reducing interest rates from June. Silver price extends its upside to $25.70 in Thursday’s European session. The white metal is an inch awayfrom reclaiming an 11-month high at $26.14.
10-year US Treasury yields have dropped slightly to 4.26%. The US Dollar Index recovers intraday losses but broadly seems weak. Silver technical analysis Silver price approaches the 11-month high at $26.14. The near-term demand is bullish as the 20-day Exponential Moving Average at $24.35 is sloping higher. The 14-period Relative Strength Index oscillates in the bullish range of 60.00-80.00, indicating that momentum leans towards the upside.
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