Silver Tests 50% Retracement Level Amidst Rising Yields

Silver prices are testing the 50% retracement level of its all-time high after sellers knocked out multiple support levels on Monday. Spot silver (XAGUSD) is trading at $61.27, down 4.72%, and has broken through the 50-day moving average.

The market's downward trend continues, with a trade through $67.55 changing the main trend to up. The sellers' control over the market is evident as they push silver towards the 50% level of its all-time high.

The 10-Year U.S. Treasury yield was back above 5.20%, putting pressure on silver prices, which are also affected by the rising dollar index. For buyers to regain control, yields need to retreat from their highs or the dollar needs to lose momentum.