Silver prices fell early Tuesday. The precious metal faced resistance at the $60 level.
The silver market drifted throughout the trading session. Sellers took advantage early in the morning. The $60 mark has recently acted more like resistance for prices.
Traders continue to monitor interest rates and the value of the US dollar. These factors are influenced by the conflict in the Middle East. Global headlines also play a role.
A ‘death cross’ recently appeared on silver charts. This occurs when the 50-day Exponential Moving Average falls below the 200-day EMA. This technical signal suggests potential for more downward pressure from long-term traders.
The market appears to be in a holding pattern. Price action suggests traders await a clearer direction.