Silver price (XAG/USD) eases from monthly highs around $23.70 as 10-year US Treasury yields rose to 5% in the New York session. The white metal falls
Silver price slips to near $23.00 amid higher US bond yields. Iran’s intervention in the Israel-Palestine conflict would widen Middle East tensions. Silver price aims to climb above the 61.8% Fibo retracement at $23.36. to near $23.00 amid a data-packed weak. Long-term US bond yields rose to record highs since 2007 on expectations that the Fed will keep interest rates higher for a longer period. S&P500 opens on a bearish note amid escalating Middle East tensions.
Before that, investors will look for the preliminary S&P Global PMI for October, which will be published on Tuesday at 13:45 GMT. The Manufacturing and Services PMI is seen declining to 49.5 and 49.9 respectively. Silver technical analysis Silver price aims to climb above the 61.8% Fibonacci retracement at $23.36 on a two-hour scale. The short-term bias for the white metal is bullish as it is comfortably trading above the 50-period Exponential Moving Average , which trades at $23.00.
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