Silver Prices Drift Lower as US Dollar Strengthens
Silver prices fell on Tuesday, extending recent losses as the US dollar strengthened.
Dollar Strength Weighs on Silver Prices
The US dollar hit a two-month high, driven by expectations of smaller interest rate cuts.
Bearish Trend Continues for Silver
Silver prices remain below key resistance levels, signaling a bearish trend.
Key Market Data:
- Silver futures fell 0.5% to $24.45 an ounce
- Gold prices fell 0.1% to $2,645.74 an ounce
- US Dollar Index rose 0.2% to 105.53
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Additional Sections:
Market Outlook:
- US dollar strength and bearish trend signal a bearish market outlook for silver.
- Traders should consider short-term trading strategies.
Trading Strategy:
- Consider selling silver futures on rallies.
- Monitor gold and crude oil prices for potential buy opportunities.