Last Updated on 12/10/2026
- Silver prices remain firm near $61.10 as US President Donald Trump confirms a ceasefire between Russia and Ukraine.
- US 10-year Treasury yields face downward pressure amid declining oil prices.
- Market participants turn their attention to Wednesday’s US Consumer Price Index (CPI) report for fresh clues on inflation and the Federal Reserve’s policy outlook.
Fundamental Analysis
Silver prices (XAG/USD) edge higher to around $61.10 during Asian trading on Monday, maintaining the gains recorded on Friday. The precious metal draws support from falling US Treasury yields as oil prices decline following US President Donald Trump’s announcement of an energy ceasefire between Russia and Ukraine.
At the time of writing, West Texas Intermediate (WTI) crude has fallen 2% to approximately $89.00. Meanwhile, the yield on the 10-year US Treasury note has eased to around 5.24%, retreating from Friday’s peak of 5.36%, its highest level in more than two decades. US bond markets remain closed on Monday in observance of Columbus Day.
Lower Treasury yields generally benefit non-yielding assets such as silver by reducing the opportunity cost of holding precious metals.
Over the weekend, President Trump announced on Truth Social that Russia and Ukraine had agreed to an energy ceasefire, a temporary arrangement under which both sides would halt attacks on energy infrastructure. Ukraine had reportedly intensified strikes against Russian energy facilities in an effort to disrupt Moscow’s funding sources.
“Effective immediately, there is an ENERGY CEASEFIRE in the War between Russia and Ukraine. Both parties have agreed. Do not break it!” Trump stated.
The agreement offers some relief to global markets, which have faced significant energy supply pressures amid escalating tensions in the Middle East.
The announcement followed Trump’s remarks on Friday that he had reached an agreement with Russian President Vladimir Putin for Russia to supply diesel in stages.
Attention is now turning to the US Consumer Price Index (CPI) report for September, scheduled for release on Wednesday. The inflation figures could influence expectations for Federal Reserve monetary policy and shape the near-term direction of silver prices.
Silver Technical Analysis
On the daily chart, XAG/USD trades near $61.02, maintaining a bearish short-term bias as prices remain below the 20-day Exponential Moving Average (EMA) at $62.07. Having pulled back from recent highs, silver continues to trade beneath this key trend indicator, suggesting that recovery attempts may encounter selling pressure.
The Relative Strength Index (RSI) stands at 44, indicating subdued momentum and persistent downside risks, although the metal has not entered oversold territory.
On the upside, the 20-day EMA near $62.07 represents the immediate resistance level. A daily close above this threshold could help ease bearish pressure and create room for a more sustained recovery.
However, if silver fails to reclaim the moving average, the near-term outlook is likely to remain vulnerable, with prices potentially testing previous chart lows. Traders will also monitor Wednesday’s US CPI release for fresh catalysts that could influence market sentiment and price direction.
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