Silver prices have declined from recent highs, following a surge driven by geopolitical tensions and uncertainty surrounding the US presidential election. However, rising interest rates and a stronger US Dollar are putting pressure on the silver market.

Key Factors:

• Rising Interest Rates: The increase in US Treasury yields is making silver, a non-interest-bearing asset, less attractive.
• US Dollar Strength: The US Dollar’s appreciation is also negatively impacting silver prices.
• Geopolitical Tensions: The ongoing conflict in the Middle East and uncertainty about the US presidential election continue to support silver’s safe-haven appeal.

Technical Analysis:

• Silver prices have pulled back from the $35.00 level, which now acts as resistance.
• The 20-day Exponential Moving Average (EMA) is sloping upwards, suggesting potential for further upside.
• The Relative Strength Index (RSI) is above 60.00, indicating bullish momentum.