Silver Tests $60 Resistance, Technical Signal Points Down

Silver prices tested the $60 region on Tuesday, showing volatility in global markets. The move occurred as a ‘death cross’ technical signal emerged, indicating a negative outlook for long-term traders.

The ‘death cross’ happens when the 50-day Exponential Moving Average (EMA) falls below the 200-day EMA. This is a significant bearish indicator often watched by traders.

High interest rates in the United States continue to pressure non-yielding assets like silver. A strong U.S. dollar also adds to this downward pressure.

Tuesday’s bullish movement is seen as a short-term bounce, not a fundamental shift. Traders expect sellers to emerge above current levels, especially if the market shows signs of weakness.

The $50 level has historically acted as both support and resistance. This price point marked the market’s top multiple times, even reaching back to the 1970s.