Silver Price Capped by Rising Yields Despite Soft US Data

Silver prices made a slight gain of 0.39% on Friday, but were capped by rising US yields despite softer-than-expected US data.

The XAG/USD price currently stands at $64.70, after bouncing off daily lows of $63.51.

Despite signs of bottoming around the $54.70 area near the yearly low of $54.77, the white metal remains downward biased from a market structure perspective.

The Relative Strength Index (RSI) indicates bullish momentum in the short term, but technical analysis suggests that a bearish continuation is more likely.