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Silver price (XAG\/USD) finds strong buying interest near $27.50 after correcting from fresh highs of $29.80. The white metal rebounds to $28.50 in Monday\u2019s American session but struggles to extend recovery as investors expect that Middle East tensions will not escalate further.<\/p>\n
Iran said we don\u2019t want to raise tensions in the Middle East further. Their administration added, \u201cthe matter deemed to be closed.\u201d However, should the Israeli regime make another mistake, Iran\u2019s response will be considerably more severe, the Wall Street Journal reported. Meanwhile, US President Joe Biden said it won\u2019t support the counterattack from Israel. On Saturday, Iran launched hundreds of drones and missile on the Israeli state.<\/p>\n
Meanwhile, higher bond yields due to deepening uncertainty about when the Federal Reserve (Fed) will pivot to rate cuts is barricading the Silver price from further upside. 10-year US Treasury yields rise to 4.65%.<\/p>\n
The US Dollar Index<\/a> (DXY) extends its upside to 106.20 after upbeat US Retail Sales data for March. The US Census Bureau reported that Retail Sales rose strongly by 0.7% from expectations of 0.3% but the pace was slower than the prior reading of 0.9%, upwardly revised from 0.6%.<\/p>\n Silver price recaptures a three-year high near $30.00. The long-term outlook of the Silver<\/a> price is extremely bullish as the 20-week Exponential Moving Average (EMA) near $25.00, is sloping higher. The 14-period Relative Strength Index (RSI) shifts into the bullish range of 60.00-80.00, suggesting that a bullish momentum is active.<\/p>\nSilver technical analysis<\/h2>\n
Silver weekly chart<\/h3>\n