Silver prices are trading with minor losses from the previous day but still trading in the range of $28.10-$27.40 from the last five trading sessions.
Weakness in the Dollar Index and global bond yields is likely to support precious metals. On Wednesday, the 10-year German bund yield fell to a 2-week low of -0.212%, the 10-year UK gilt yield dropped to a 2-1/2 week low of 0.747%, and the 10-year Japan JGB bond yield slid to a 1-month low of 0.070%.
US 10-year bond yield is currently trading near 1.587 which is marginally up from the previous day’s closing but sharply lower from the recent high of 1.776 registered on Mar. 30.
Precious metals prices are likely to find support from Dovish global central banks comments. ECB Executive Board member Panetta said, "the risk of providing too little policy stimulus is still high and only a sustained increase in inflationary pressures, reflected in an upward trend in underlying inflation and bringing inflation and inflation expectations in line with our aim, could justify a reduction in ECB bond purchases."
Silver prices and other industrial metals are likely to find support from improving the pandemic situation in the US. The 7-day average of new U.S. Covid infections fell to a new 11-month low of 24,070 on Tuesday.
Also, Germany on Monday reported that there is only 62.5 new Covid infections per 100,000 people over the past week, the lowest rate since late February.
Silver prices are likely to trade in the range of $28.10-$27.40. It may find a strong support base near 20 days EMA of $27.53 and 50 days EMA of $26.98 while it may find stiff resistance near $28.24-$28.90