Silver Rises as Fed Rate Hike Expectations Ease

Silver prices rose at the start of Monday’s trading week. The precious metal gapped higher as traders considered slower interest rate hikes from the U.S. Federal Reserve.

Silver is now trading above the $60 level. Analysts view this $60 mark as a potential support floor for prices. Buyers have defended this level on recent dips.

If buying continues, traders might aim for the 200-day exponential moving average (EMA) at $67.15. This level is expected to be a strong resistance point. However, a breakdown below current levels could send silver to $57.

A sustained drop below $57 might open the way for prices to fall to the $50 level. The $50 mark has been a significant historical support level for silver over many decades. Traders should use caution with their position sizes.