Silver Price Analysis – Silver Continues to See Range Play Out

Silver Technical Analysis

The silver market has found itself to be a little bit positive during the early part of the Thursday session as we continue to see a lot of back and forth. All things being equal, this is a market that is paying close attention to the interest rates out there. And as the 10-year yield has dropped a little bit over the last 24 hours, it does help silver rally a bit, as those rates dropping makes a non-yielding metal a little bit more palatable.

That being said, we should pay close attention to the fact that there are a lot of questions out there about supply and demand, as there will be a lot of demand for silver due to AI and electrification, as well as many other parts of the economy.

Support and Resistance Metrics

Ultimately, the 50-day EMA above offers a significant amount of resistance. And if we can break above there, then it’s possible that we could go looking to the $80 level. Below current trading levels, we have the $70 level as a bit of a support level, right along with the 200-day EMA.

All things being equal, this is a market that I think is pretty much in a form of stasis at the moment, and that does make sense considering that we have the jobs number coming out on Friday, tomorrow, and that will cause quite a bit of havoc in the bond market typically, and will throw silver around.

If you’d like to know more about how to trade gold and silver, please visit our educational area.