SILVER PRICES: UPWARD DIRECTION DOMINATES
On the first trading day of the week, the rising momentum in the dollar-driven ounce of silver prices gained momentum. While the data agenda in the US was quite calm, the US 10-year bond yields climbed to 1.40 percent. While this rise in bond yields is expected to trigger the exit from safe havens, precious metals completed the day in a positive zone with the intensification of dollar-based pricing. It can be said that the incentive package we have been following on the US economy for a while, passing the Budget Commission this morning increased the risk appetite in the markets. After this development, the stimulus package is expected to pass by the House of Representatives towards the end of the week. Thus, while a slight positive image draws attention in the indexes, safe ports have turned the upward momentum they experienced on the first trading day of the week into a slight relaxation movement. Today, the presentation of FED President Jerome Powell to the Banking Committee will be followed.
In the new week, prices above 27.75 level came to the agenda in precious metal, which gained momentum with its strength from 27.0 level. With the commodity maintaining its appearance above this level, it can be expected that it will accelerate its rise within the frame of resistance levels 28.70 and 29.85. However, we are following the support of 27.50 in the first place in case of a withdrawal momentum that may occur in commodities. In a possible below-the-level outlook, dips are likely to enter into a gain in momentum around the 26.75 and 26.0 support levels.