Silver prices rise slightly, but escalating tensions in the Middle East limit further gains 

Silver at the base level 

Silver prices rebounded, but gains were limited due to escalating tensions in the Middle East, with rising oil prices fueling inflation concerns. 

Prices rose today to around $73.80 before the current correction toward $73.30 per ounce.

However, rising oil prices and U.S. Treasury yields driven by expectations that the Federal Reserve may be forced to raise interest rates, continue to weigh on gold and silver.

Silver on a Technical Level 

Silver prices rose after reaching support levels at $72.15 per ounce, which managed to push silver higher toward the $73.80 per ounce level.

Silver prices continue to trade above the descending price channel after breaking above it during last week’s trading.

We now look forward to a move toward $75.50 and then $78 per ounce.

This scenario would fail if prices break below $70.