LIMITED RISES MAINTAIN IN SILVER PRICES
As the US markets were closed on the first trading day of the week, there was limited mobility in Ounce silver prices. It can be said that the strong stance, which is partially protected in dollar assets, puts pressure on the rise of precious metals. On the other hand, the course of bond yields above 1.10 percent limits the rise in commodities. Today, the markets focused on a presentation that Yellen will deliver by taking over the role of Treasury Minister. Yellen pointed out that if no more incentives are offered to distribute Biden's stimulus package in the USA, there may be a serious risk of recession. In particular, the positive effects of the expectations regarding Yellen's presentation on the risk appetite in the markets are felt significantly.
While Ounce Silver preserved its weak appearance last week, it is seen that it is in a slight recovery movement in the new week. The fact that Biden, the elected president of the USA, will take the seat tomorrow brings a bit of uneasiness in the markets. It was announced that the US Congress building was closed for security reasons, especially before the handover ceremony to be held on January 20. After these developments, it can be expected that the increases in precious metal, which turned its direction upwards with the recovery from the 24.50 level, will accelerate with the 26.0 level. In the outlook above this level, we are following the resistance levels 26.75 and 27.50. However, in a possible relaxation possibility, with the downward crossing of the 24.90 level, the declines can reach the support levels of 24.30 and then 23.50.