Commodities
Home›Commodities›Precious Metals›Silver holds just above $67 as Treasury liquidity plan…
Silver holds just above $67 as Treasury liquidity plan lifts sentiment
Silver was supported by a softer US dollar after the US Treasury outlined a plan to increase liquidity support for longer-dated securities and push yields lower.
Silver prices were steady on Thursday, with XAG/USD trading just above $67.00 at the European session open, holding most of the previous day’s gains, according to FXStreet.
The precious metal drew support from a weaker US dollar after the US Treasury unveiled a plan to double up liquidity support for longer-dated securities, a move that sent yields lower and eased pressure on long-term Treasuries.
FXStreet pointed to a 19-year high earlier this week in the 30-year note yield, which hit 5.33%, alongside data showing national debt rose above $40 trillion on Tuesday. The combination prompted investors to seek higher compensation on bond purchases, while the liquidity plan helped weigh on yields.
From a market-technical view, the report said silver trades at $67.08 and that bulls are pressing against resistance near $67.10, with a daily-chart momentum backdrop described as constructive. It also noted downside attempts are capped above $66.63, while further bearish tests could target Wednesday’s low near $62.20 and the August 6 low at $60.87.
Latest closeSilver $64.83 ▼0.1%