Cash has gained some allure over metals, but according to FX Empire, as bullion prices near support levels buying interest has been on the rise.
In July, silver prices broke out from a three-month price slump and closed up 1.1% to $0.302.This came after fourth months of consecutive losses: 0.5% (June), 10.5% (May), 4.5% (April) and 6.2% (March).
Silver prices ended last week on a positive note, up $0.54 to $27.69. Futures and options players made bullish bets at the end of last week on the commodity based on speculation for additional stimulus from the Federal Reserve.
This week, silver prices have continued their rise. The metal's up 0.3% to $27.84 an ounce.
Can this uptrend continue? Here's what to expect from silver prices in the near term.