Silver prices traded just under $60 early Wednesday, showing noisy behavior.
The $60 level acts as a key psychological point for traders. Silver has consolidated around this price, suggesting continued sideways movement in recent weeks.
Elevated U.S. interest rates typically weigh on silver prices. A stronger U.S. dollar also adds pressure, a trend seen recently against other currencies.
Technical indicators show a potential “death cross” forming for silver. This bearish signal, where the 50-day moving average falls below the 200-day average, already occurred in gold. Traders see the market as flat and needing external factors to shift direction.