Commodities
Silver Prices Edge Higher as Oil Pulls Back
Silver prices have edged higher on Friday as Oil prices pulled back and US Treasury yields decreased. The XAG/USD pair is trading at $58.60, up 2.40% on the day.
The persistent inflation concerns and hawkish Federal Reserve expectations are keeping Silver's upside in check. Higher borrowing costs typically weigh on non-yielding assets like Silver.
From a technical perspective, Silver has been trading between $55 and $63 since late June. It is struggling to clear the 21-day Simple Moving Average at $58.82, which could limit its gains. The Relative Strength Index near 45 points to subdued momentum, while the Moving Average Convergence Divergence indicator sits slightly above the zero line.