Silver Prices May Soar to $68 Amid Falling Yields and Oil

Silver prices could continue their upward trend, potentially reaching $68 as lower US Treasury yields and falling oil prices provide support, according to Mirae Asset.

The metal had a strong day on September 17, rising 4% after bouncing from key support near $62.85, despite the Federal Reserve's hawkish rate hike a day earlier.

As yields corrected further, silver prices may test resistance around $68, with an interim resistance seen at $66.55 and support at $64.50-$62.80.

The Fed's decision to raise rates by 25 basis points to 3.75-4% was seen as hawkish, but the sharp decline in oil prices may have tempered expectations for further rate hikes.