Silver has been quite resilient during the latest sell-off in gold triggered by rising yields. While gold has been trading lower throughout February, silver managed to gain and retest resistance at $28.00. However, price did not manage to break above and silver started to slump along gold. There is strong negative correlation between bond yields and gold, relation is not so strong when it comes to silver. In fact, silver has been ignoring rising yields up to now.
Taking a look at silver from a technical point of view, we can see that the nearest support to watch can be found at $26.15 - the lower limit of the Overbalance structure, recent local lows and upward trendline. Until a break below this support occurs, the ongoing pullback can be considered to be just a correction.
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