Silver Price Analysis – Silver Continues to See Buyers Underneath

Silver Technical Analysis

The silver market initially fell a bit during the early part of the trading session on Tuesday, but has turned around to show signs of strength. That being said, we are sitting right around the 70 dollars level, and this is an area that’s been more or less a bit of a magnet for price. We are sitting just above the 200-day EMA, so that helps as well.

And then we should also pay close attention to the 10-year yield in America because if it starts to fall, that should continue to help the silver market rally if the historical correlation plays out as usual.

Technical Analysis and Support Levels

If the market rallies at this point in time with lower rates, then the 50-day EMA could be targeted, which is closer to the $74.60 cents level. Breaking below the 200-day EMA could be rather negative, perhaps sending the market down to the $63.50 level, where the bottom of the gap from the previous week sits. The $60 level is the floor in the market, I think.

Ultimately, this is a market that is going to be paying close attention to the Middle East because, quite frankly, if those rates in the bond market continue to fall based on hope coming out of the Middle East, that will give the silver market a little bit of a boost. Ultimately, I do think longer-term silver has a lot of demand, and it does go much higher, but we have to get through this tumultuous time first.

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