Silver price (XAG/USD) declines after opening at a gap up, but remains in the positive territory and trades around $75.40 per troy ounce during the Asian hours on Monday.
Silver (XAG/USD) trades around $76.00 on Friday at the time of writing, up 3.05% on the day, supported by renewed demand despite a macroeconomic backdrop that remains challenging for non-yielding assets.
Silver (XAG/USD) is trading within the lower ranges of the $73.00s during Friday’s European session following rejection at a previous support area around $75.00 earlier on the day.
Silver (XAG/USD) trades with a positive bias for the second straight day on Friday, though it struggles to capitalize on modest Asian session gains to levels just above the $75.00 psychological mark.
Silver (XAG/USD) moves higher on Thursday, trading around $73.40 at the time of writing, up 2.81% on the day, after undergoing a marked pullback in recent weeks. This technical rebound comes as the white metal attempts to stabilize following the rejection near the $80 threshold in mid-April.
OCBC strategists Sim Moh Siong and Christopher Wong report that Silver has extended its pullback toward USD71/oz after a failed break above USD80 in mid-April, with higher Brent, hawkish rate repricing and a firmer US Dollar (USD) weighing on non-yielding metals.
Silver price (XAG/USD) is up 1.5% to near $72.35 during the European trading session on Thursday. The white metal gains ground after posting a fresh three-week low at $70.86 on Wednesday.
Silver (XAG/USD) attracts some buyers during the Asian session on Thursday and reverses a part of the previous day's losses to the $70.85 region, or over a three-week low. The white metal climbs further beyond the $72.00 mark in the last hour, though the upside potential seems limited.
Silver (XAG/USD) declines and trades around $72.30 on Wednesday at the time of writing, down 1.02% on the day, after failing to establish a sustained move above the $74.00 area.
Silver (XAG/USD) edged up from three-week lows near $72.00 earlier on Wednesday, but it failed to find acceptance above $74.00, and is trading practically flat on the daily chart at $73.10 at the time of writing.
TD Securities’ commodity team highlights that Silver has already fallen sharply since the conflict began and could face further downside if inflation slows growth and raises carry costs.
Silver price (XAG/USD) rises to around $73.85 during the early European trading hours on Wednesday. Markets might turn cautious ahead of the US Federal Reserve (Fed) interest rate decision. Traders will also closely monitor the development surrounding the ongoing conflict between the US and Iran.
Silver (XAG/USD) edges higher during the Asian session on Wednesday, though it lacks follow-through as traders opt to move to the sidelines ahead of the crucial FOMC policy update.
Silver (XAG/USD) trades with a downside bias on Tuesday, down over 2.5%, as a higher-for-longer interest rate outlook continues to weigh on price action.