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One-month risk reversal of silver (XAG/USD), a gauge of calls to puts, rose for two consecutive months by the end of May, despite consolidating gains on Monday, per the latest data from Reuters.

This goes hand-in-hand with the white metal’s uptrend that recently pierced the $28.00 threshold, up 0.11% intraday near $28.10 by the press time of Tuesday’s Asian session.

Risk reversal flashed a 1.575 monthly figure for May after rising +2.075 in April. The data suggests the call options (bullish) have an upper hand over the bearish bias (put options).

Technically, an ascending trend line from March-end, near $27.70, restricts short-term declines of the silver prices but upside moves are guarded by the $28.30 hurdle comprising multiple tops marked since late February.

Read:  Silver Price Analysis: Bulls move in on critical resistance