Silver price is trading lower after being on a rebound for over a week. The precious metal has been on recovery following the decline in US treasury yields and the US dollar. However, in today’s session, the benchmark 10-year bond yields rose by 3.42% at 1.66. With the yields offering support to the greenback, the dollar index was up by 0.25% at $92.30.
The rebound has exerted pressure on silver price, which is down by 0.86%. Investors are now eyeing the US PPI numbers, which will offer cues on the direction of the dollar and that of silver by extension. Analysts expect the figure to remain unchanged from February’s 0.5%.
Silver Price Technical Outlook
Silver price is back down to the important support level of $25 after being on a rebound for over a week. Since mid-March, $26 has remained an unattainable level for the precious metal. Throughout this period, it has been below the 200-day exponential moving average. However, it is currently above the shorter 50-day EMA.
On Friday, silver price was down by 0.86% at $25.23. Its support level remains at the psychological $25 as the bulls target the evasive $26. In the near term, the metal is likely to find some resistance at $25.50 before moving further up. On the flip side, a move below $25 will place the next target at $24.