Silver Price Forecast: XAG/USD bulls trace upbeat options market signals to approach $24.00

Silver Price (XAG/USD) grinds higher at around $23.90 amid the usual inactive hours of Friday’s Asian session.

The bright metal portrayed a stellar rebound from the monthly low the previous day amid broad US Dollar weakness. The same allows the options market players to convey their bullish bias and suggest further advances in the XAG/USD price.

It should be noted that the US Dollar Index (DXY) bears take a breather at the lowest levels in over a month, flirting with 102.10 of late, after falling the most in three months by the press time.

That said, the one-month risk reversal (RR) of the Silver price, a gauge of the spread between the call and put options, prints the strongest bullish level of 0.055 in three days by the end of Thursday’s North American session. With this, the weekly RR eyes the biggest jump in four weeks, around 0.105 by the press time.

Also read: Silver Price Analysis: XAG/USD recovery falters despite falling bond yields, sellers in charge