Silver price news: XAGUSD at 24.908 approaches $25.00 after minimizing its losses during intraday trading, thanks to positive signals from the options market.
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Silver Price (XAG/USD) bounces off intraday low to pare the first daily loss in three to around $24.90 during Monday’s Asian session. In doing so, the bright metal ignores a corrective bounce in the US Dollar while grinding near the highest level in two months, mainly due to the upbeat options market signals.
It should be noted that a one-month risk reversal (RR) of the Silver price, a gauge of the spread between the call and put options, marked the biggest weekly gain in two months to 0.540 at the latest. Also showing the XAG/USD trader’s optimism is the two-day winning streak of the daily RR, to around 0.1000 by the end of Friday’s North American session.
Apart from the options market signals, the mixed sentiment and the concerns about the Federal Reserve’s (Fed) nearness to policy pivot, as flagged by the last week’s US inflation data, also seem to underpin the Silver Price run-up.
However, the market’s consolidation amid the two-week blackout period for the US central bank policymakers ahead of the late July monetary policy meeting seems to challenge the XAG/USD bulls amid a sluggish week-start.
Also read: Silver Price Analysis: XAG/USD rises despite US yields recovering
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