Silver prices fell sharply on Friday. Rising U.S. interest rates pushed the metal lower. The market gapped down at the start of trading.
The market is currently testing its 50-day Exponential Moving Average (EMA). A break below this level could send silver to $70. This $70 mark represents the bottom of its recent trading range.
Silver has traded within a $20 range for some time. The $90 level acts as a ceiling. A move above $90 could signal further gains for the precious metal.
Traders are watching the 10-year U.S. Treasury yield closely. A continued spike in yields would likely hurt silver prices. Caution is advised as the market heads into the weekend.