Silver price backs off after breaking higher as markets await Powell, CPI this week. The silver futures contract gained 2.75% on Friday, July 5, as it extended its Wednesday’s rally of almost 4% after breaking above the $31 level. Last Wednesday, it followed an advance in gold prices amid stock market’s strength and USD weakness. Recently, silver was gradually declining from the May 20 new medium-term high of $32.75, and on previous week, it apporached its June 13 local low of $28.73, before rebounding back above $30. Today, silver is rebounding from its Friday’s local high, as we can see on the daily chart (the ... (full story)