Silver prices are trading near their 200-day exponential moving average (EMA), a key technical indicator for long-term traders. This position suggests the market is attempting to establish a stable price level.
Conflicting headlines from the Middle East are affecting interest rates, which in turn influence silver’s value. Rising U.S. interest rates and government bond yields typically push silver prices lower. Conversely, declining rates could lead to a relief rally for silver.
The $70 level has provided significant support for silver prices. On the upside, the $80 mark serves as a major resistance barrier. A break above $80 could open the path for silver to reach $90.
Should silver fall below its 200-day EMA, prices could drop towards the $65 level. Traders note that silver can be highly volatile.