Silver prices eased on Tuesday! What Is Next Low?

Silver prices eased on Tuesday! What Is Next Low?

Silver prices eased on Tuesday! What Is Next Low?

While the US markets started off somewhat calmly, the precious metal outflows accelerated with the sudden appreciation in the dollar. Although the risks regarding the Delta variant have increased especially in the markets, it is observed that the entry to safe havens remains weak. On the other hand, we saw that the US 10-year bond yields accelerated their downward momentum with 1.19 percent. While this situation does not restrain the pullback in safe harbors, we see that sales intensified with the effect of a technical breakdown in silver prices. The fact that the increasing inflationary increase in the markets triggers the demand for the dollar seems to cause pressure on the precious metals side for a while.

With the increasing dollar pressure in the markets, the selling image increased in the precious metal, which fell below the 200-day exponential moving average level of 25.50. Especially with the precious metal staying below this level, it can be expected to continue its declines within the framework of 25.0 and 24.50 support levels. However, in a possible close above the 25.50 level, the 26.0 and 26.50 resistance levels must be crossed for the recovery to accelerate.

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