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Silver jumps 5% as US long-end yields slide

XAG/USD was quoted around $66.7 after bouncing from $62.2, with the next resistance at $67.

Reported · Written up by our desk · Precious Metals

Silver prices rose sharply on Wednesday, with XAG/USD surging more than 5% as US Treasury yields edged lower.

The move followed the US Treasury stepping in to cap long-end bond yields that had climbed to levels not seen since 2007, according to FXStreet.

At the time of writing, the pair traded near $66.68 after rebounding from daily lows of $62.19. FXStreet said the short-term trend remains upward but the market is consolidating roughly between $62.00 and $66.50.

FXStreet also pointed to the next upside levels investors may watch, citing resistance near the day’s high at $66.74 and a $67.00 target, followed by the 100-day and 200-day simple moving averages at $68.57 and $71.88, respectively.

Latest closeSilver $59.48 ▼0.7%

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