Silver takes offers around intraday low, drops for the second consecutive day. US dollar picks up bids as bond bears return, market turns cautious ahead of the key events. Silver stays depressed near the intraday low of $25.59, down 0.54% on a day, during early Tuesday. While Turkish action and strong equities weighed on the white metal the previous day, US dollar gains could be traced for the quote’s latest weakness. US dollar index (DXY) marks a recovery from 91.75, currently up 0.05% to 91.83, as Treasury yields regain traction. The US 10-year Treasury yield adds one basis point (bp) towards 1.70% by the press time. US Treasury yields not only propel US dollar but also recently weigh on equities and commodities. It’s worth mentioning that the Western tussle with China and cautious sentiment ahead of the key testimony by US Federal Reserve Chairman Jerome Powell and Treasury Secretary Janet Yellen could be cited as responsible for the bond bears’ return. During their latest comments, Fed Chair Powell cites challenges to the economic recovery while justifying the need for further stimulus whereas Yellen eyes full employment in 2020. It should be noted that the Fed Governor Bowman feared challenges for small firms and added to the risk-off mood. Furthermore, the US, Canada, the UK and the European Union (EU) have joined against China’s human rights violations in Xinjiang and escalated the Western fight against the Asian major. The same could also be looked at as a risk-negative catalyst. Additionally, virus and vaccine jitters are extra toppings for the current scenario. Moving on, the stated testimony by Powell and Yellen will be the key for the market while geopolitical and virus-related headlines shouldn’t be missed as well. Technical analysis Unless crossing a confluence of 50-day SMA and a short-term resistance line near $26.40, silver buyers shouldn’t return to the desk. Â FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next EUR/JPY Price Analysis: Bears engage at the 10-day SMA FX Street 1 year Silver takes offers around intraday low, drops for the second consecutive day. US dollar picks up bids as bond bears return, market turns cautious ahead of the key events. Silver stays depressed near the intraday low of $25.59, down 0.54% on a day, during early Tuesday. While Turkish action and strong equities weighed on the white metal the previous day, US dollar gains could be traced for the quote's latest weakness. US dollar index (DXY) marks a recovery from 91.75, currently up 0.05% to 91.83, as Treasury yields regain traction. The US 10-year Treasury yield adds one basis point (bp)… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.