🚩Silver loses 3%

Silver is declining on global markets today, pulling back toward $85 per ounce. The main drivers of the decline appear to be not only a stronger US dollar and rising bond yields, but also growing concerns about the economic outlook and industrial activity amid the surge in oil prices. In the medium term, sharply higher fuel prices (an external shock) could translate into weaker manufacturing activity and, consequently, weigh on silver demand.

The conflict in the Middle East continues, with Iran warning ships against passing through the Strait of Hormuz. Investors are clearly favoring gold, which tends to perform better than silver in a heightened geopolitical risk environment.

SILVER (D1)

The price is currently trading around the EMA50 (orange line), and this zone gains additional importance due to the potential formation of a symmetrical triangle, which typically signals a continuation of the previous long-term trend (in this case, an upward trend).

A move above $88 per ounce could suggest an upside breakout and another bullish impulse.
Such a scenario would likely require a weaker US dollar, lower Treasury yields, and declining oil prices.
At the same time, a drop below $80 per ounce could invalidate the formation.

Source: xStation5

USDIDX (D1)

The US dollar index futures contract is rising today and has moved above the 200-session exponential moving average (EMA200) (red line).

Source: xStation5

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