OCBC expects silver to consolidate near USD65.50 with downside support at USD63 as ETF outflows and higher yields limit gains.
Silver prices are showing tentative stabilization near USD65.50 but face pressure from persistent ETF outflows and hawkish Federal Reserve repricing. Year-to-date ETF holdings have declined 9.2%, or 79.1 million ounces, capping upside momentum.
Recent sessions saw silver ETFs cut holdings by 205,925 ounces, following a 2.95 million-ounce reduction last week. The metal’s non-yielding status leaves it vulnerable to rising Treasury yields, which have raised the hurdle for investor demand.
Technical levels suggest consolidation, with support at USD63-61 and resistance at USD69-75. The 200-day moving average at USD69.40 and 50-day at USD75.60 remain key barriers. Mild bearish momentum persists, though a slowing decline in RSI hints at potential stabilization.