Silver prices fell early Thursday. The metal pulled back from the $60 level. Rising U.S. interest rates pushed prices lower.
The $60 mark acts as a key psychological resistance level for traders. Higher rates typically work against silver’s value. This trend has continued for some time.
The market recently found support near $55. A break below this level could send prices towards $50. This $50 level has been important historically.
Silver reached $63 a couple of weeks ago. This marked a recent swing high. The 50-day Exponential Moving Average is approaching that area, offering another potential ceiling.
Uncertainty in the Middle East continues to fuel inflation expectations. This drives U.S. rates higher. The correlation between higher rates and lower silver value is being watched closely.