Silver Prices Are Keeping Up!

Silver Prices Are Keeping Up!

Silver Prices Are Keeping Up!

While the outflows from the dollar after the non-farm employment data below the expectations on the last trading day of the week in the USA reflected positively on the commodity markets, silver prices continue to hold around the 27.50 level. Although unemployment and average hourly earnings in the employment report indicate a positive result above expectations, the decrease in non-agricultural employment pointed out that there are still some breaks in the labor market. However, the US Treasury Secretary Yellen's positive assessment of the increasing inflation to raise interest rates for the US economy brought some dollar and bond interest pressure in the markets again. Thus, the recovery in silver prices was interrupted slightly, while the US 10-year bond yields at 1.57 percent limited the declines in commodities.

 

XAGUSD 

 

After all these developments, the price of the precious metal, which was regressed to 27.50 with the return from 27.80, is decisive in terms of limiting the decreases. In the rises of the commodity from this level, the 28.0 resistance is the first transition point, and above this level, we gradually follow the 28.50 and 29.11 resistance levels. However, in a possible downward pressure, our critical breaking point remains as 27.50 support. In closings below this level, decreases can be expected to gain momentum within the framework of 27.0 and 26.50 support levels.

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