Silver prices remain under pressure as U.S. interest rates continue to climb. The precious metal is struggling against broader energy inflation. This makes silver a challenged asset class for traders.
Silver attempted a rally early Wednesday. It soon gave back those gains, indicating market hesitation. Rising U.S. interest rates continue to create difficulties for the metal.
Traders are watching the $70 level closely. A move below $70 could open the door to the 200-day EMA. Rising 10-year yields put pressure on silver, a non-yielding asset.
The 50-day EMA near $77.16 offers resistance. The $80 level also presents a barrier to upward movement. Analysts expect continued price choppiness.
The bond market currently drives silver prices. This market is influenced by Middle East events and energy inflation concerns. Silver will likely remain challenged as long as rates push higher.