Silver Price Analysis – Silver Sitting Just Below Major EMA

Silver Technical Analysis

The silver market has been choppy during early trading on Monday as traders are watching the 10-year yield in America and all bonds, actually, but the 10-year yield in America has captured most of the attention. You can see that the rate is at 4.31 as I record this, which is a little strong for the liking of silver, but at the end of the day, it is a market that I think is just simply waiting and that unfortunately might be where we are at in a lot of markets right now, trying to figure out what happens next in the Middle East as nonsensical leaders refuse to talk.

And as long as that is the case, we are almost in a moment of stasis and therefore it is not a huge surprise to see silver struggle. Unfortunately, we are still being held hostage by the latest statement to come out of Washington or Tehran, sometimes Tel Aviv, and as a result, with that, the market is probably going to try to find a range.

Silver Technical Levels and Market Stance

We are sitting just below the crucial 50-day EMA. That in itself does make a little bit of sense, as it is a bit of a magnet for price. I think that will continue to be the case. Overall, though, I suspect it is probably only a matter of time before we do break to the upside. The $80 level, of course, would be an area that I think a lot of people will be watching. It is just far too significant and far too big of an area of previous action.

So, with this, I like the idea of buying short-term dips, maybe, but not in huge positions. If we can clear $80 then we can pick up a bit of momentum. To the downside, we have a lot of support near the $70 level.

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