Silver (XAG/USD) attracted buyers for a third consecutive day during the Asian session on Tuesday.
The precious metal climbed back above the $57.00 mark as bullish sentiment continued to support the market.
However, silver remained below its overnight swing high.
Traders appeared cautious as they awaited a decisive breakout through a short-term descending trend-line hurdle.
Such a move could provide a stronger signal for further gains.
The latest price action suggests that buyers are attempting to regain control after recent market pressure.
However, the failure to move above the overnight swing high has kept the near-term outlook dependent on a technical breakout.
Silver bulls await technical breakout
The white metal’s recovery above $57 came as buyers extended the rally into a third straight session.
The move marked continued interest in silver, but the market has yet to clear the technical resistance that could open the way for additional upside.
According to the market update, bulls are waiting for silver to break through a short-term descending trend-line hurdle before positioning for further gains.
This indicates that traders may be looking for confirmation before increasing their exposure to the precious metal.
The technical barrier remains an important factor for the near-term direction of silver.
Until a breakout occurs, the metal continues to trade below its overnight swing high.
Gold moves above $4,040
Gold also advanced on Tuesday as investors assessed developments surrounding the renewed US-Iran conflict.
The move came as markets weighed tentative diplomatic efforts aimed at halting the conflict against fresh threats to shipping in the Red Sea.
Spot bullion gained 0.9% to reach $4,042.69 by 0345 GMT.
Meanwhile, August gold futures advanced 0.8% to $4,047.40.
The gains pushed gold above the $4,040 an ounce level.
The move came after the precious metal had recently struggled to hold the $4,000 threshold.
Oil prices and inflation concerns remain in focus
Higher oil prices also revived fears that interest rates could remain elevated.
The latest rebound in gold, however, appeared to reflect a different market response.
The move suggested that traders were reacting more strongly to the possibility of an easing energy shock than to traditional safe-haven demand.
The market was therefore focused on the potential impact of developments in the energy environment.
At the same time, investors continued to assess diplomatic efforts surrounding the renewed US-Iran conflict and the latest threats to shipping in the Red Sea.
The combination of geopolitical developments, oil prices and inflation concerns remained central to the broader precious metals market.
Silver continued to attract buyers for a third consecutive day, while gold regained ground above $4,040.
For silver, the next major focus remains the short-term descending trend-line hurdle.
A break above this resistance could strengthen the bullish case and encourage traders to position for further gains.
Until then, the metal remains below its overnight swing high, keeping the immediate outlook dependent on the next technical move.
The post Silver rises above $57 for third day as bulls await breakout appeared first on Invezz
