Silver price (XAG/USD) steadies around $20.70 during Tuesday’s initial Asian session, after refreshing the monthly high the previous day.

In doing so, the bright metal tracks the cautious optimism in the options market as bulls retreat of late.

That said, the one-month risk reversal (RR) of silver prices, the difference between the call options and the put options, appear to retreat of late. The weekly RR prints 0.0000 figures after easing to 0.420 in the last week, from 0.950. It’s worth noting that the daily options market gauge remains indecisive at 0.000 by the press time.

Given the receding bullish bias in the options market, coupled with the anxiety ahead of the US Consumer Price Index (CPI) for July, up for publishing on Wednesday, XAG/USD prices may find it difficult to extend the latest run-up.

Also read: Silver Price Analysis: XAG/USD jumps back above $20.00, 50 DMA/50% Fibo. holds the key