Silver slips as price retreats from overbought territory on easing US-China trade talks
Silver prices are easing on Wednesday, retreating from multi-year highs as bullish momentum fades and traders lock in profits.
The metal is currently hovering near the $36.00 psychological support zone, having tested its highest levels since February 2012 earlier this week.
On Tuesday, high-level negotiations between the US and China concluded in London with a provisional framework agreement, reigniting hopes of a reset in bilateral trade cooperation.
US President Donald Trump commented on trade talks on Wednesday, stating that: “We’ve made real progress with China. It’s about fairness, and we’re close to something that could work for both countries. I won’t sign anything weak.”
Chinese Vice Premier He Lifeng added that “China's stance on trade issues with the US is clear and consistent. Both sides should strive to establish stable and long-term trade and economic ties.”
The optimism initially supported industrial demand sentiment, helping lift Silver. However, with prices already overbought, extended gains remained limited.
Source: FXstreet
