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- Silver price holds gains near $61.10 as US President Trump confirms Russia-Ukraine ceasefire.
- 10-year US Treasury Yields have come under pressure due to lower oil prices.
- Investors shift their focus to the US CPI data scheduled for Wednesday.
Silver price (XAG/USD) trades higher at around $61.10 in the Asian trade on Monday, holding onto Friday’s gains. The white metal reflects strength as United States (US) bond yields have come under pressure due to a decline in oil prices in the wake of Russia-Ukraine ceasefire, announced by President Donald Trump.
As of writing, the WTI Oil price is down 2% to near $89.00. 10-year US Treasury Yields remained lower to near 5.24% from its over two-decade high of 5.36% on Friday. US bond markets are closed on Monday due to Columbus Day.
Theoretically, the scenario of correction in US bond yields provides relief to non-yielding assets, such as Silver.
Over the weekend, US President Trump announced through a post on Truth Social that both Russia and Ukraine have agreed to an energy ceasefire, a temporary agreement in which both parties agree to stop attacking energy facilities. Ukraine had been excessively attacking Moscow’s energy infrastructure to curtail its funding.
“Effective immediately, there is an ENERGY CEASEFIRE in the War between Russia and Ukraine. Both parties have agreed. Do not break it!” Trump wrote.
The Russia-Energy energy ceasefire provides some relief for global markets at a time when energy supplies have remained extremely tight due to Middle East tensions.
This came after US President Trump stated on Friday that he struck a deal with Russian President Vladimir Putin for Russia to supply diesel in stages.
Meanwhile, investors await the US Consumer Price Index (CPI) data for September, which will be released on Wednesday.
Silver Technical Analysis
In the daily chart, XAG/USD trades at $61.02, keeping a bearish near-term bias as spot holds beneath the 20-day Exponential Moving Average (EMA) at $62.07. The metal has retreated from recent highs and now trades under this short-term trend gauge, suggesting rallies are likely to face selling interest while the Relative Strength Index (RSI) at 44 stays in neutral-to-soft territory, hinting at persistent downside pressure rather than oversold exhaustion.
On the topside, immediate resistance is located at the 20-day EMA around $62.07, and a daily close above this barrier would be needed to ease the current downside bias and open the way for a more sustained recovery. In the absence of nearby technical support levels from the provided indicators, the focus remains on how price reacts to this moving average, with failure to reclaim it likely to keep XAG/USD vulnerable to further downside probes toward prior price lows on the chart.
