Silver Price Analysis – Silver Sitting on 50 Day EMA

Silver Technical Analysis

Silver continues to be very noisy and does tend to continue to move based on interest rates. Right now, the biggest mover of interest rates would be the war in the Middle East and whether or not we can actually get some type of lasting peace.

With that being said, I think we have a situation with the Americans and the Iranians talking in Pakistan that maybe we can get rates dropping on good signs of real progress. It will be interesting to see how this plays out, but the fact that the two sides are still talking in and of itself should help.

Technical Support and Interest Rate Dynamics

We are watching the 10-year yield. It is up just a touch in the early part of the day and that has been one of the reasons silver pulled back. The $80 level is a bit of a magnet and I think it will continue to attract a lot of attention.

Of course, we have the 50-day EMA sitting just below at the $77.93 level, offering a bit of a floor as well. Ultimately, this is a market that continues to bounce back and forth but probably has more of an upward tilt unless we get bad news coming out of those talks.

If we do, then silver is probably one of the first things to get sold as interest rates in America start to climb. If we can break to the upside, I will watch the $83 level as a potential target if we break higher from here.

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