Silver prices fell Thursday, pressured by rising interest rates. The metal reached near the $73 level during the trading session. This follows a trend of silver drifting lower as rates climb.
Analysts see strong support near the $70 level. This price point is considered psychologically significant. The 200-day Exponential Moving Average (EMA) also provides support below $70.
On the upside, the 50-day EMA sits at $77.69. A move past this could target the $80 level next. Achieving this would require significant market effort.
The silver market remains volatile, characterized by short-term trading. Traders expect prices to stay within a roughly $10 range for some time. This short-term focus is partly due to ongoing geopolitical concerns in the Middle East.