There is negative sentiment in the options market and a stronger US Dollar which is benefiting bearish traders, causing the silver price to be around $22.50.

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XAGUSD Chart by TradingView

Silver Price (XAG/USD) remains pressured at the lowest level in nearly two months after falling in the last four consecutive days, making rounds to $22.40 amid the early hours of Thursday’s Asian session.

In doing so, the Silver bears take a breather after justifying the bearish signals from the options markets amid the broad US Dollar strength. However, a lack of major data/events prods the US Dollar bulls and the XAG/USD sellers of late.

Also read: US Dollar Index: DXY renews six-week high around mid-103.00s as Fed Minutes flag inflation woes

That said, the one-month risk reversal (RR) of the Silver price, a gauge of the spread between the call and put options, dropped in the last three consecutive days to -0.110 by the end of Wednesday’s North American session.

With this, the weekly RR braces for the third consecutive negative figures, at -0.350 by the press time, which in turn keeps the Silver bears hopeful. It’s worth noting that the weekly RR drops the most, so far, since late June.

Also read: Silver Price Analysis: XAG/USD continues dips below $22.50 as US yields rise

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