Market Update: Silver Prices Retreat from Daily Highs
Silver prices reached a daily high of $29.01 before dropping 2.63% due to high US Treasury yields. This led to resistance being stirred around the $29.00 threshold.
Impact of High US Treasury Yields
The rise in US Treasury yields has put pressure on silver prices, causing them to retreat from earlier highs. Higher yields make alternative investments more attractive, leading to a decrease in demand for precious metals like silver.
Resistance at $29.00 Threshold
The $29.00 threshold has proven to be a significant resistance level for silver prices. Traders are closely watching to see if silver can break through this level or if it will continue to face selling pressure.
Key Takeaways
- Silver prices dropped 2.63% from daily highs of $29.01.
- High US Treasury yields are putting pressure on silver prices.
- Resistance is building around the $29.00 threshold.