Silver price retreats after hitting a two-month high of $31.43, falls over 1.50% and trades at $30.66 at the time of writing.
Silver price drops over 1.5% after reaching a two-month high of $31.43, currently trading at $30.66. A daily close below $30.66 could exacerbate a drop toward the psychological $30.00 level, targeting the 100-day moving average and the 50-DMA. If XAG/USD remains above $31.00, a re-test of the September 20 high at $31.44 is possible. Although US economic data was soft and US Treasury yields remained unchanged, the grey metal failed to gain traction on Monday.
Which factors influence Silver prices? Silver prices can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can make Silver price escalate due to its safe-haven status, although to a lesser extent than Gold's. As a yieldless asset, Silver tends to rise with lower interest rates. Its moves also depend on how the US Dollar behaves as the asset is priced in dollars .
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