Silver price (XAG/USD) remains depressed. Economists at TD Securities expect the precious metal to stay under pressure.

Beginning of a reversal lower across precious metals

“In the absence of behemoth Chinese purchases, CTA trend follower liquidations in Silver are likely to weigh on prices.”

“We expect weakening upside momentum to spark a selling program as large as -8% of the funds' maximum historical position size, but a break above the $23.72 range could result in a more modest flow totaling -4% of this cohort's max size. This follows the deterioration in precious metal trend signals in Platinum, and could be hinting at the beginning of a reversal lower across the complex.” 

“The jury is out on whether large-scale Chinese purchases of Gold will continue following Lunar New Year, but the analogy from India's reopening suggests that ongoing celebrations could mark the peak in retail demand.”