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Silver stays range-bound below key moving averages near $62

Silver was trading around $61.5, up 0.7% on the day, as Treasury yields and USD strength capped upside.

Reported · Written up by our desk · Precious Metals

Silver prices held steady on Tuesday, trading around $61.50 and up 0.7% for the day, as the US dollar and Treasury yields pulled back, according to FXStreet.

Even with an intraday bounce, the metal remained confined to a narrow $60 to $62 range, with technical resistance showing up as XAG/USD traded below the 50-, 100-, and 200-day simple moving averages and near a 61.8% Fibonacci retracement at $62.13, FXStreet added.

FXStreet said persistent inflation risks have kept investors watching the Federal Reserve, with the market still anticipating one additional rate hike this year, most likely in December.

The newsletter pointed to upcoming FOMC meeting minutes due on Wednesday for clues about the Fed’s next move, while noting Treasury yields were still elevated near multi-year highs despite Tuesday’s decline.

Latest closeSilver $60.99 ▲1.7%

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