We hold a short view on Silver whilst it remains below key resistance at $22.2 despite it's rebound today. The precious metal has been in a downtrend since mid June as the FED indicated a more hawkish stance on monetary policy causing the US dollar to strengthen. Additionally, yields have been rising with the 10 year treasury note yield rising from 1.3% to 1.5% over the past week putting further pressure on Silver prices. We await US GDP growth rate, jobless claims and GDP price index releases this afternoon for any significant price action.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.