The options market’s bias encourages a significant surge in the price of silver, leading to its largest daily increase in six weeks above $24.00.
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Silver Price (XAG/USD) seesaws at the highest level in three weeks, after rising the most in 1.5 months, amid market’s cautious mood as a two-day-long annual Jackson Hole Symposium event begins. That said, the XAG/USD makes rounds to $24.30-35 while pausing the five-day winning streak during early Thursday.
In doing so, the Silver bulls take a breather while justifying the bearish signals from the options markets despite the broad US Dollar weakness and sluggish markets. However, the looming top-tier US data and Jackson Hole speeches keep the XAG/USD traders on their toes.
That said, the one-month risk reversal (RR) of the Silver price, a gauge of the spread between the call and put options, dropped the most in a week and reversed the previous day’s positive readings while declining to -0.035 by the end of Wednesday’s North American session.
With this, the weekly RR braces for the four consecutive negative figures, at -0.015 by the press time, which in turn keeps the Silver bears hopeful.
Also read: Silver Price Forecast: XAG/USD climbs above $24.00 as weak PMI sends US yields south
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