SILVER PRICES CONTINUE TO GRIND HIGHER
On the last trading day of the past week, the Michigan Consumer Confidence Index in the USA fell to the level of 76.2, the lowest level in 6 months. This data resulted in higher losses on the dollar side, while safe havens recovered slightly with decreasing dollar pressure. However, while the US markets are on holiday on the first day in the new week, it is seen that the upward momentum in the US 10-year bond yields reaching 1.25 percent triggered some exit from the safe-havens. On the other hand, increasing expectations for the US stimulus package triggered the scenario with buyers in the indices. Thus, with the rise in risk appetite, we welcome the slight withdrawal of precious metals as usual.
After these developments, although the rises targeted the resistance of 27.80 in the returns from the 27.0 level, which is strong support in Ounce Silver prices, the closings above this level were not very successful. In particular, depending on the possibility of a decline in bond yields, we are following the purchases of precious metal at the level of 27.80 within the framework of 28.70 and 29.85 resistance. However, in a possible downward pressure, dips in commodities may reach support levels 26.75 and 26.0 within the threshold of 27.50. Thus, we can see that the upward trend that has been preserved in the commodity for a while is disrupted.