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Silver Price Forecast: Rising Towards Ascending Triangle Resistance - Levels for XAG/USD
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Silver prices have slowly but surely rallying throughout May.
Ongoing erosion in US real yields has increased precious metals’ appeal amid a weak US Dollar environment.
Recent changes in sentimentsuggest that silver prices have a mixed bias in the near-term.
Yields Down, Silver Up
The inflation narrative is changing, but the changes may be good for precious metals. As gold prices have rallied sharply in recent days, silver prices have been enjoying a slower but steady march higher throughout the month of May as well. Although May has typically been a rather bearish month for the precious metals complex, silver’s resiliency has been defined by a revitalized fundamental backdrop: US real yields are eroding alongside the US Dollar.
Gold Price today, May 4: June gold opened in red on Multi Commodity Exchange (MCX) on Tuesday, while the prices of precious yellow metal in the international market edged lower on Tuesday after hitting a more than two-month high in the previous session. Get more Personal Finance News and Business News on Zee Business.
Silver Price Forecast: XAG/USD Ponders Breakout Alongside Gold Gains
2021-04-21 21:30:00
Peter Hanks,
Strategist
Silver Price Outlook:
Silver surged beyond resistance at the $26.20 mark to tag its highest level in more than a month
Treasury yields remain key to silver price gains but the technical outlook reveals bullish potential
Silver Price Forecast: XAG/USD Ponders Breakout Alongside Gold Gains
Silver surged to its highest price in more than a month Wednesday on the back of a 3% daily gain. Recent price action has seen the metal climb more than 8.5% in the month of April as slipping Treasury yields open the door to gains for commodities like gold and silver. As a result, XAG/USD may look to continue higher should the fundamental forces at play remain intact.