Silver Price Hits New High, But Analysts Warn of Short-Term Exhaustion

Silver's price has been rising, up 1.42% to $64.59, according to Traders Union.

The metal is trading above its key moving averages, indicating a strong short-term trend compared to recent market movements.

However, analysts are cautioning that the current overbought conditions may signal a risk of short-term exhaustion and limit further upside potential.

Silver experienced downward pressure during Asian hours as rising inflation and increasing U.S. Treasury yields weighed on demand for the metal.

Buyers emerged to defend key support levels, improving sentiment and contributing to a rebound in market activity.