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Silver targets $27.14

Silver prices have been trending higher for the third day in a row on the back of positive gold dynamics. Precious metals support a local weakening of the US dollar, which happened after the rally in 10-year UST yields came to an end.

At the time of writing, silver was trading at $26.27/oz, but for further sustainable upside it will be necessary for the metal to gain a foothold above the $26.50/oz resistance level. In this case, the path towards the 27-27.14 range will open up for buyers.

At this stage, there are still few fundamental reasons for silver to trade higher. Winter speculative factors have long been priced in, Chinese industrial output is due out only next Monday, on March 15, and at that time a clearer picture will emerge about the state of the economy of that country, which this year may well be the driving force behind the global economic recovery.

 

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