Silver prices rose early Thursday. Traders reacted to lower interest rates, but the metal remains within a trading range.
The 10-year Treasury yield dropped over the past 24 hours. This made silver, a non-yielding asset, more appealing. Traders are closely watching interest rate movements.
Questions remain about silver’s future supply and demand. Demand for the metal comes from electrification and various economic sectors. Technical indicators show resistance at the 50-day Exponential Moving Average. A break above this could target the $80 level.
Support for silver sits near the $70 level. The 200-day EMA also offers support. The market appears steady ahead of Friday’s jobs report. This report often influences the bond market and silver prices.