Optimistic signs from the options market suggest that bearish sentiment towards the XAGUSD pair, with a silver price of $23.732, is at its weakest point in three weeks, hovering around $23.70.
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Silver Price (XAG/USD) remains sidelined around $23.70 amid a lackluster Asian session on early Thursday, after declining in the last two consecutive days to drop to the lowest levels since July 12.
It’s worth noting that the broad US Dollar strength joins the risk aversion wave and bearish options market signals to favor the XAG/USD sellers. However, the cautious mood ahead of a slew of the US statistics prods the bright metal’s further downside.
That said, the one-month risk reversal (RR) of the Silver price, a gauge of the spread between the call and put options, remains indecisive with 0.0000 figures for Wednesday after posting the biggest daily slump since June 21 by the end of Tuesday’s North American session. With this, the weekly RR braces for the first negative close in four with the latest print of -0.110.
Looking ahead, the risk catalysts may entertain the Silver traders ahead of the US ISM Services PMI, Factory Orders, Weekly Initial Jobless Claims and quarterly readings of Nonfarm Productivity and Unit Labor Costs.
Also read: Silver Price Analysis: Bears take over and the XAG/USD loses the 20 and 100-day SMA
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