Silver Prices Soar as Dollar Index Continues to Slide

Silver prices surged on Wednesday, despite a five-basis-point jump in long-dated Treasury yields. The dollar index kept sliding, and silver traders took advantage of the weaker currency to buy up the metal.

The rally is not just a dollar trade; physical demand for silver remains strong, and industrial users continue to need it. Investors are also rotating out of paper assets and into hard assets like silver.

According to technical analysis, the main trend in silver is up, with a new main bottom at $63.31 confirming this structure. A sustained move over $68.17 could create the momentum needed for a test of the swing top at $71.18.