Silver Consolidates as Bulls Fail to Clear 21-Day SMA
Silver edged higher on Friday but remained below a key technical level, with XAG/USD up 2.4% as lower oil prices drove Treasury yields down.
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Silver prices rose on Friday, with XAG/USD trading around $58.60, a gain of 2.4% on the day. The advance was supported by a pullback in oil prices, which pushed US Treasury yields lower, boosting the appeal of the non-yielding metal.
The US dollar fluctuated near recent highs, providing a mixed backdrop. However, bullish momentum was capped as the pair struggled to break above its 21-day simple moving average, keeping price action in a consolidation pattern.
Source: FXStreet Forex News