Silver prices remained choppy Wednesday morning. Traders are closely watching interest rates, risk appetite, and the US dollar. The market has been generally noisy, but quiet in a tight range today.
Short-term pullbacks could offer buying chances near the $70 level. This figure holds psychological importance for traders. The 200-day Exponential Moving Average (EMA) acts as a market floor.
Upside targets include the 50-day EMA at $78.15. Beyond that, the $80 level could serve as a ceiling. A move above $80 would signal a bullish trend.
Such a bullish move would likely coincide with a weaker US dollar and improved risk appetite. The market also appears to be pricing in a potential slowdown or end to a conflict, which could support silver. Silver has held a range, possibly moving between $70 and $90.
A break below current levels could quickly see the market test $60 again.