Silver prices traded choppily on Thursday, holding just below the $60 level. The metal has seen little movement for weeks, remaining largely stagnant.
Noise in interest rate markets and the US dollar contributed to the choppy trading. A technical “death cross” recently appeared, with the 50-day Exponential Moving Average falling below the 200-day EMA. This indicator is often seen as a bearish sign.
Silver has traded sideways since mid-June. An unexpected Federal Open Market Committee meeting yesterday did not significantly shift prices.
Short-term traders continue to favor range-bound systems in this market. Longer-term traders currently show less interest. Over years, analysts see potential for silver due to supply shortages, but the market is stagnant now.