Silver prices traded with significant choppiness on Tuesday. Middle East headlines created uncertainty for traders, making the metal a difficult asset to trade.
The silver market initially rose above its 50-day Exponential Moving Average (EMA). It then tested the $80 level. News of an attack on an Iranian port followed, potentially disrupting ongoing talks. This event added to market volatility.
Traders see silver largely confined between $70 and $90. The $70 level is expected to hold as support. The $80 level continues to act as resistance. A break above $80 could lead to a test of $90, but this may take time.
A downside break of the 200-day EMA would be significant, though it is not anticipated. The market has seen sideways trading since February, with its range narrowing. Silver remains in a neutral position, with potential for sudden price shifts.