Silver Surges High As U.S. Shares And Dollar Take a Breather
Silver reversed higher on Tuesday after having declined yesterday. The metal’s futures price surged amidst a slide in the U.S. dollar and U.S. stock.
March silver rose more than 0.6% to trade at $17.93 an ounce, boosted by short-term interest in haven investments as U.S. stock futures looked set to open lower.
All three stock benchmarks were marginally lower with Dow Jones Industrial Average futures losing 0.02% while S&P 500 index futures and Nasdaq-100 futures shedding 0.01% each.
Meanwhile, U.S. dollar lost ground versus most of its peers, sending the U.S. Dollar Index down 0.3% on Tuesday. As silver is traded in dollars, a weakening greenback tends to make the metal more attractive to investors holding other currencies.
U.S. Federal Reserve Chairwoman Janet Yellen will deliver a semi-annual testimony on policy before the Senate Banking committee later on the day.
Buy Stop at 17.950, Take profit 18.050, Stop loss at 17.900